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Home 🌿 Cannabis Technology News 🌿 MassRoots app earns first IPO for marijuana industry 🌿MassRoots app earns first IPO for marijuana industry
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A social network platform for cannabis users, MassRoots, on April 9 secured the first initial public offering for any company with ties to the marijuana industry. The 2-year-old Denver-based startup is valued at $45 million, with stock now traded publicly through the OTC Markets Group marketplace at 10 cents per share.
“Our whole thing is community, and opening the cannabis movement to the public marketplace is a huge step forward,” said Stewart Fortier, MassRoots’ chief technology officer and co-founder. “We see a public offering as crowdfunding in the highest form — only accredited investors can get involved with these companies and that gives you the viability you need to keep growing.”
For apps like MassRoots, a pot-friendly Instagram-style tool with more than 75 million posts by legal weed enthusiasts, the tech space can be notoriously unpredictable.
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