Budding Business: From $17k in debt to a $54 million empire

Unique 2 Colorado

Photo: Kevin Torres, KWGN-TV

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DENVER — “At first you don’t succeed, try, try again!” Remember that old saying? Well, it has new meaning for an entrepreneur from Denver who came up with an idea for a budding business.

Three years ago, when Colorado’s marijuana industry was taking off, Isaac Dietrich had an idea to create a cannabis mobile app. He brought it to Silicon Valley with hopes of finding investors, but was turned down by 150 people.

“So I ended up taking out $17,000 in credit card debt to get the company off the ground. My parents nearly killed me, but that’s part of the fun,” Dietrich said with a smirk on his face.

That company: “MassRoots Inc.“.

“So our mobile application enables cannabis consumers to find the best products, the best strains at their local dispensaries,  and to find smoking buddies in their area,” Dietrich explained.

Three years after going $17,000 into debt, Dietrich’s business is now worth $54 million.

“We have about 11,000 shareholders on the open market,” Dietrich said.

In 2016 alone, MassRoots brought in $794,000 in revenue.

“We really want to be the first billion dollar cannabis technology company. That’s our main objective,” Dietrich added.

With 900,000 active users on MassRoots’ mobile app and its website, the social platform is well on its way to accomplishing that.

Dietrich is only 24-years-old.

To learn more about the budding business, watch Kevin Torres‘ “Unique 2 Colorado” Report by hitting ‘play’ on the video above. Also, if you know of a local business we should highlight, contact Kevin on Facebook or via e-mail at kevin.torres@kwgn.com. We profile one local business, startup or entrepreneur each Thursday during “Unique 2 Colorado“.

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