Nasdaq rejects Massroots IPO
The cannabis social network Massroots, has been refused a listing on the Nasdaq, the US high-tech industry's stock exchange. The site had applied for an IPO in April.
With 775,000 users, the app that brings cannabis consumers together is currently valued at $40 million. Despite the growing number of States legalizing cannabis use. At present, 25 states have legalized medical use and 4 have legalized recreational use.
Despite the market's expansion, investors did not take kindly to the network's main focus: the cannabis. The company comments on its web page, «On May 23, 2016, Nasdaq denied the Massroots app a listing on its exchanges because it is cannabis-related.« ,
«We believe this dangerous precedent could prevent just about any company in the regulated cannabis industry from listing on a national exchange, making it harder for cannabis entrepreneurs to raise capital and slowing the progress of legalization in the US.»
Isaac Dietrich, CEO of the start-up, says he will appeal the decision. The challenge for him and his company is to maintain the economic health of his application until the referendums on cannabis legalization that will be held in various states, notably the huge California market. Investors could open their eyes to the economic potential of green gold.
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gh0stwrit3r
2 June 2016 at 9 h 06 min
We accept money from sellers of weapons, a product that kills people, and we refuse to accept money from this site just because it talks about medicinal and recreational cannabis.