MassRoots, Inc. (OTCQB: MSRT) operates as a cannabis technology, lifestyle and social media company. Shares of the cannabis technology company are declining 7%, through afternoon trading on Friday, February 24, 2017. Over the past month MassRoots, Inc. has seen average daily volume of 810,743 shares. However, volume of 1.25 million shares or dollar volume of $1.2 million shares, has already exchanged hands through afternoon trading today.
Shares of MassRoots, Inc. are facing pressure Friday, after the company released a statement in response to the White House’s consideration of enforcing recreational cannabis laws and cracking down on legal weed use. In the press release, the company is disappointed to learn that the Trump Administration is started to come out against the recreational use of marijuana. However, the Administration has acknowledged the medicinal benefits and has not stated the medical marijuana programs would be targeted as well. Here is the full press release detailing of the potential political risks to the recreational cannabis market:
MassRoots, Inc. Press Release:
DENVER, Feb. 24, 2017 /PRNewswire/ — MassRoots, Inc. (OTCQB:MSRT), one of the leading technology platforms for the cannabis industry, is pleased to report its monthly page views have increased 68% month over month, driven primarily by MassRoots Senior Political Correspondent Tom Angell’s coverage of rapidly evolving state and federal cannabis policies. The Company plans to launch a revamped website within the next several weeks to significantly improve its search engine optimization, increase inventory for advertisers, and better connect medical cannabis patients with the best strains and products to treat their ailments.
“This is the first time a sitting Republican President has acknowledged the medical benefits of cannabis while we expect Congress to extend the Rohrabacher-Farr amendment prohibiting the Department of Justice from interfering with state medical cannabis programs,” stated MassRoots CEO Mr. Isaac Dietrich. “While it is disheartening to hear the White House not endorse recreational cannabis, these remarks play to President Trump’s base while subtly giving the green light to medical cannabis. We do not believe the Trump Administration will take significant action to shut down the recreational cannabis industry in states like Colorado, where the cannabis industry employs tens of thousands of people and contributes more than $100 million in taxes annually, mainly towards state education systems.”
MassRoots believes that if President Trump met with medical cannabis CEOs, he would be impressed with the vast amount of jobs and economic growth the cannabis industry can create.
About MassRoots, Inc.
MassRoots is one of the largest technology platforms for the regulated cannabis industry. The Company’s mobile apps enable consumers to make medical cannabis purchasing decisions through community-driven reviews. MassRoots is proud to be affiliated with the leading businesses and organizations in the cannabis industry, including the ArcView Group and National Cannabis Industry Association. For more information, please visit MassRoots.com/Investors.
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots’ business, potential partnerships, new features, and related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time to time. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.