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Marijuana Business News

Nasdaq Denies Cannabis Technology Company MassRoots And Shuns The Regulated Cannabis Industry

massrootsMassRoots, Inc. (OTCQB: MSRT), one of the largest and fastest growing technology platforms for the cannabis industry, received notification on Monday, May 23, 2016, that the Nasdaq has denied MassRoots’ application for listing, which was filed in August 2015. The Nasdaq determined that as MassRoots may be deemed as “aiding and abetting” the distribution of an illegal substance under Federal law, they are unwilling to proceed with MassRoots’ listing application. MassRoots plans to appeal the staff decision to the Nasdaq Listing and Qualifications Board.

“With this decision, we believe that the Nasdaq has set a dangerous precedent that could prevent nearly every company in the regulated cannabis industry from listing on a national exchange. This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States,” stated MassRoots CEO Isaac Dietrich. “This decision must not be allowed to stand and we’re asking cannabis supporters, activists businesses, and investors to write a brief note to the Nasdaq in support of our planned appeal here.”

“If we were a social network for tobacco users or alcohol consumers, the Nasdaq would likely be moving forward on our application even though alcohol and tobacco cause far more deaths and societal damage than cannabis ever will. Moreover, the Nasdaq has already listed at least 3 biotechnology companies that extract compounds from the cannabis plant for scientific research – actually touching the plant as part of their business model,” continued Dietrich. “We believe the Nasdaq has inappropriately denied our application and look forward to making our case not just to the Nasdaq Listing and Hearings Review Board, but directly to the American public.”

MassRoots has requested the Nasdaq’s denial letter in writing and will file an 8-K within 4 business days of receipt. The Company plans to appeal the Nasdaq’s decision shortly thereafter. MassRoots no longer plans to affect a reverse stock split.

About MassRoots

MassRoots is one of the largest and most active technology platforms for cannabis consumers, businesses and activists with 900,000 users. It is proud to be affiliated with the leading organizations in the cannabis industry, including the ArcView Group and National Cannabis Industry Association. MassRoots has been covered by Fox Business, CNBC, Fortune, BBC, Cannabist and the New York Times. For more information, please visit MassRoots.com/Investors.

Source: Accesswire

  • MJ Android

    Makes sense, there against cannabis monopolies trying to get the largest piece of the cannabis apple pie!

    • Fungi Sclerotia 1427

      there? their? they’re?

  • Fungi Sclerotia 1427

    Yet another reason for federally-DE-scheduling cannabis,
    (so that the naysayers, whoever they are, (of the banking system, in the financial sector, in state legislatures), CANNOT use the tired, worn-out excuse, “But, but, but it’s against federal law…”)

  • Jerry Bisbo

    Yep the problem is to get the government to remove cannabis from their CSA list. It would solve a multitude of issues. It sounds simple until you start to realize how corrupt the politions that control things are. They are a bunch of baught and paid for greedy people who’s job depends on the big corporations money to brainwash the voters into electing them.
    That’s why Bernie sanders passes the litmus test. You know he’s clean because he is the only one stating that cannabis should be removed from the CSA list, ending prohibition at the federal level.
    Let’s get this honest man in charge. Vote for Bernie, AND FEEL THE BERN!

    • SilentPatriot

      You did hear about Bernie backing out of an appearance in CA with Tommy Chong, right?

      • SlashAdams

        Yo do know Sanders is running for president, right? Bernie could be the biggest advocate for marijuana, but I doubt his campaign manager would let him make an appearance with Tommy Chong. Realistically speaking, Tommy Chong is not the best face for a presidential candidate to be making an appearance with.

        • SilentPatriot

          Yeah, obviously his time is better spent dancing with trannies.

  • skoallio

    Marijuana stocks are frauds. Nothing but worthless pump and dumps. You have to be high to invest in it.