MassRoots operating from shared workspace, raises nearly $5M to repay debts

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Marijuana-focused social media platform MassRoots is operating out of a coworking space in Denver after being evicted from its office last month.

Medible review massroots operating from shared workspace raises nearly 5m to repay debtsAccording to the Denver Post, CEO Isaac Dietrich told shareholders in a conference call that the company is considering a listing on the Canadian stock market.

MassRoots also has raised nearly $5 million, allowing it to repay its debt obligations.

Dietrich was reinstated as CEO in December, after threatening to hold a proxy vote to oust the board, which fired him in October and installed Scott Kveton as CEO.

Here’s what you need to know:

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  • MassRoots has raised $4.75 million via the sale of stock to private investors, according to Dietrich.
  • The firm is posting negative cash flows of less than $200,000 per month, Dietrich said during the call.
  • Dietrich said the company’s current pursuits – including forming a subsidiary to focus on blockchain-based digital ledgers – could help to right the ship.
  • The company has added two more employees for a total workforce of five.
  • During the call, Dietrich highlighted the company’s recent investments in CannaRegs and High Times. He also pointed out that Canadian company Aphria has invested $950,000 in his company in the last year and a half.

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