MassRoots Inc. (OTCMKTS:MSRT)
MassRoots Inc. (OTCMKTS:MSRT) is more financially stable than ever as it continues to pursue growth opportunities in the multi-billion cannabis industry. The company says its balance sheet has reached record levels, backed by assets worth more than $5.6 million and 1st quarter net-cash inflow of $1.8 million.
During the first quarter, MassRoots Inc. (OTCMKTS:MSRT) reduced a significant amount of its derivative liabilities after having retired all outstanding convertible debt.
“We’re pleased with the significant improvement in the Company’s fundamentals we experienced during the first quarter. Our core objective for the balance of the year is continuing to better monetize our user-base and deliver more value to our clients,” said the CEO, Isaac Dietrich.
According to Dietrich, further improvement in its financial position is expected given that the company crossed the one million registered users on its platform in Q1 2017. MassRoots Inc. (OTCMKTS: MSRT) launched a celebrity influencer campaign which should help bolster its current user base. The company has already started to leverage the popularity of its new partner, Snoop Dogg, as it moves to accelerate user growth.
Additionally, MassRoots Inc. (OTCMKTS:MSRT) launched a web browser-based version of its popular application as it continues to bolster the platform with new features as part of their user acquisition efforts. A rebranded version of the app for both iOS and Android is expected to further this goal.
Pursuing Industry Analysis
Separately, MassRoots Inc. (OTCMKTS:MSRT) has teamed up with Grownetics as part of an effort that will see them aggregate collected data in the cannabis space to provide reports and analysis of the overall industry. The effort seeks to provide customers with information about the various products on offer from various companies. Grownetics partnership builds on a similar collaboration with New Frontier that also seeks to provide in-depth analysis of products in the multi-billion industry. The partnership comes on the heels of the company closing the acquisition of Digital Inc., a menu management and online ordering system for adult dispensaries.
MassRoots Inc. (OTCMKTS:MSRT) ended down in Friday trading session and shed 13.83% to end the week at $0.4955 a share.
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About the author: Jack arrived in the USA from Scotland over 20 years ago to study chemistry. His studies led him to a job with a Fortune 500 company and then to a stint as an analyst for a private equity firm. After the 2008 meltdown Jack returned to Scotland where he works full-time as an analyst and travel writer.