LOS ANGELES, Nov. 5, 2018 /PRNewswire/ -- MassRoots, Inc. ("MassRoots" or the "Company") (MSRT), one of the leading technology platforms for the regulated cannabis industry, is pleased to announce its business portal, MassRoots for Business™, has launched new features and expanded its analytics for its regulated dispensary clients. MassRoots believes these features will enable dispensaries to drive more customers to their stores and enhance their insight into consumer behavior. New Frontier Financial estimates there are 2,500 regulated cannabis dispensaries in the United States.
"We believe MassRoots for Business can help drive customers to regulated dispensaries in cannabis markets across the United States. Tomorrow, we believe voters in four additional states may vote to regulate the sale of cannabis for medical or adult-use purposes, further expanding our addressable market," stated Mr. Isaac Dietrich, MassRoots' Chief Executive Officer.
MassRoots' business model is positioned to capitalize from the trend of states creating and expanding regulated cannabis markets. When a state passes a medical or recreational cannabis law, MassRoots can register users and businesses in that state with minimal marginal cost. Because the Company is not involved in the production or sale of cannabis, it does not have to build grow operations, open retail stores, or have a physical presence in the state to generate revenue. As the MassRoots financial model is not tied to the success of a particular location or brand, the Company believes it can have a significant percentage of all dispensaries and brands on its platform, making it a play on the entire cannabis industry.
The Company's Business Portal is fully-integrated with MassRoots' recently launched rewards program for cannabis consumers, WeedPass™. Over the coming weeks, MassRoots expects to enable dispensaries to manage their WeedPass Rewards Programs directly through the business portal. Since launching in beta in August 2018, more than 100 regulated dispensaries have participated in the WeedPass Rewards Program.
WeedPass is currently available in the California and Colorado markets, and the Company intends to expand the program to every state which has a regulated cannabis market. For more information on WeedPass, please see the WeedPass Overview Deck released on October 8, 2018.
MassRoots, Inc. is one of the leading technology platforms for the regulated cannabis industry. Powered by more than one million registered users, the Company's mobile apps empower consumers to make educated cannabis purchasing decisions through community-driven reviews. With a significant market share of medical cannabis patients in certain markets and more than 35,000 shareholders, the Company believes it is uniquely positioned to best serve the needs of the cannabis industry. For more information, please visit www.MassRoots.com/Investors and review MassRoots' filings with the U.S. Securities and Exchange Commission.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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