LOS ANGELES, Oct. 19, 2018 /PRNewswire/ -- MassRoots, Inc. ("MassRoots" or the "Company") (MSRT), one of the leading technology platforms for the regulated cannabis industry, announced today that its recently launched rewards program for cannabis consumers, WeedPass, has on-boarded more than 75 participating dispensaries. WeedPass customers have already earned more than 1,000 tickets for sporting events and festivals, such as Reggae on Rt. 66, driving more than $75,000 in sales to participating dispensaries.
"We believe that as we continue to increase the number of participating dispensaries and diversity of rewards, WeedPass has the potential to generate sufficient revenues for MassRoots such that we may become cash-flow positive from operations," stated Isaac Dietrich, MassRoots' Chief Executive Officer. "We believe WeedPass' unique structure could drive significant purchasing volume to the thousands of regulated dispensaries across the United States by offering compelling rewards for mainstream cannabis consumers."
According to a 2017 Forrester Research Report, 72% of U.S. adults belong to at least one loyalty program and of those consumers, people belonged to nine loyalty programs on average. The 2017 Forrester Research Report also indicates that loyalty program members spend, on average, $42.33 more than non-loyalty program members at traditional retailers.
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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