Tuesday July 14, 2015 0 comments
DENVER -- MassRoots (OTCQB: MSRT), one of the nation’s largest and most active social networks for cannabis consumers, announced it closed a private placement of its shares of common stock for gross proceeds of $1,065,500.
To date, MassRoots said it has raised gross proceeds totaling $3,350,000 through the sale of its securities.
“In 26 months and with roughly $2 million, MassRoots was able to grow to 420,000 users, change cannabis app policies at the largest corporation in the world and become one of the first cannabis-related companies to go public through an S-1 Registration Statement,” said Isaac Dietrich, MassRoots CEO.
“We expect this round of funding will enable us to start generating scalable revenue and grow to 1 million users by early 2016.”
The latest funding round was led by members of the ArcView Group and Chardan Capital acted as exclusive placement agent.
MassRoots said it will release its Q2 earnings report and host a shareholder conference call after market close on July 21.