MassRoots, Inc. (OTCQB:MSRT) made an announcement this morning that it will be joining its competitors and has formed a wholly-owned subsidiary focused on developing a blockchain technology-based solution for the cannabis industry.
Just a few weeks ago, the company made an announcement that they have appointed their founder, Isaac Dietrich, as Chief Executive Officer and reconstructed their board of directors to consist of four individuals, including Dietrich. It seems the founder has wasted no time at all, moving his company forward.
MassRoots is one of the top technology platforms for the regulated cannabis industry. The company’s mobile app, which holds one million users, gives power to the consumer so they can make educated cannabis purchasing decisions through community-driven reviews. MassRoots Retail, its point of sale and compliance system, permits businesses to manage compliance reporting to state regulators and streamline their retail operations.
Due to its new blockchain technology initiative being made known, MassRoots stock is up 21.74% today selling at $0.63 a share.
Dietrich said in a statement about the new steps, "We believe blockchain has the potential to enable the cannabis industry to operate more efficiently and with a greater degree of accountability and transparency," stated MassRoots Chief Executive Officer Isaac Dietrich. "MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry."
This seed-to-sale tracking with the blockchain provides a great deal of accuracy and reliability on the specific metadata associated with the cannabis products such as times, dates, locations, and quantities.
California
In addition to their blockchain moves, the company announced two days ago that it will be infiltrating the multi-billion dollar California market. The company states that on January 3rd, 2018 the first recreational cannabis sales will begin and experts have anticipated that this market could grow to $6.5 billion by the year 2020. Dietrich believes that the California market will be an “opportunity of a lifetime” and has launched a massive social media campaign to promote their entrance into it. They currently have over 1 million followers across their major social platforms and have added 75 cannabis-centric social media influencers with mass followings, in order to find referrals and to pay businesses to use the MassRoots platform.
With an already strong consumer base and high-tech platform, the addition of blockchain technology and entering the California market will be huge for this stock. As January is just around the corner, MassRoots could be the top cannabis stock in the U.S.
Featured Image: twitter
