In another sign that the cannabis industry is moving towards the mainstream, the popular marijuana-focused social networking site MassRoots announced on Monday that it has applied for its stock to be listed on the Nasdaq.
If approved, it would become the first marijuana-related technology company to trade on the Nasdaq Capital Market and could pave the way for other cannabis firms to get listed on a major exchange.
“Uplisting to the Nasdaq Capital Market would be a significant milestone not just for MassRoots, but the cannabis industry as a whole,” MassRoots CEO Isaac Dietrich said in a press release.
Dietrich said obtaining a Nasdaq listing would allow the Denver-based company to “attract a broader range of institutional investors, increase share liquidity and help shift the paradigm about investing in the regulated marijuana market.”
MassRoots – which says its mobile app has reached over half a million users – currently trades on the over-the-counter market under the symbol MSRT. The company allows marijuana users to connect with each other and share photos and updates about all things cannabis.
Dietrich said in the release that there’s no guarantee the Nasdaq will approve the company’s application. He told the Denver Post that it will likely be several weeks before the company receives an answer.
To get listed on the Nasdaq Capital Market, MassRoots must meet various requirements, including having at least 1 million publicly held shares and a minimum stock bid or closing price of $2, according to MarketWatch.