Here’s Why MassRoots Got Rejected by the NASDAQ

May 25, 2016
AggregatedNews
Banking, Finance & Real Estate, News & Insights
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This week, MassRoots Inc. (MSRT), one of the biggest and fastest expanding technology platforms for the marijuana industry, received notification that NASDAQ had denied the Company’s application for listing. MassRoots, which launched in 2013, models itself as a Facebook for cannabis users. It also allows weed in its workplace.

The Company filed for an up listing from the Over-the-Counter Bulletin Board to NASDAQ in August 2015 — the NASDAQ approval process usually takes just 4-6 weeks. The Company was hoping to be the first cannabis company to list on NASDAQ.

Isaac Dietrich, co-founder of MassRoots, said, “With this decision, we believe that the NASDAQ has set a dangerous precedent that will prevent other legal marijuana companies from getting listed on national stock exchanges…This [will make] it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States.”

According to MassRoots, NASDAQ determined that listing the company could have been seen as aiding the distribution of an illegal substance, even though the company’s business model does not involve touching the marijuana plant in any way. [Read more at TheStreet]

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