DENVER -- A Denver-based company is taking a shot at getting into the Nasdaq. The twist is, MassRoots is a cannabis-based company.
MassRoots is the largest cannabis-based social network app and on Monday it filed for a listing on the Nasdaq exchange.
It has been a roller coaster ride for the 2-year-old company. After being kicked off the Apple app store then allowed back a couple weeks later, MassRoots has more than 500,000 users.
“We have some of the best tech talent in Denver working full time here developing the systems that are going to take this company to the next level,” CEO Isaac Dietrich said.
Users compare the app to Facebook or Instagram.
“I was on it last night and within a five-minute span I had seen two people be like ‘this is my first post, I’m new to MassRoots,’” Mariasha Bunch said.
The app is designed to help people find smoking buddies, locate shops and share cannabis-related posts with videos and photos.
“I really like the way that it lets me connect with people that have the same interests as me, that are involved in the community and have the same passions as me,” Bunch said.
The company is incredibly profitable, making $25,000 in revenue in 10 days.
“If our application is approved to the Nasdaq, it would have tremendous implications for the entire cannabis industry,” Dietrich said.
To be listed on Nasdaq, there are several financial requirements that have to be meet, including how much cash a company has. And MassRoots says it has it.
“If we’re able to enlist on a major national exchange like the Nasdaq, that would completely shift the conversation. It’s no longer a bunch of college kids sitting around getting high talking about things. This is a serious company on a serious national exchange with all the major players getting involved,” Dietrich said.
He the company laid out its plan to Nasdaq and it will meet all the necessary criteria within the next few weeks. The only reason it would be denied is because it is a marijuana-related company, but officials don’t expect that to happen.