MassRoots creates blockchain subsidiary in bid to increase marijuana efficiencies

Colorado-based cannabis technology company MassRoots on Friday announced it has formed a subsidiary that will focus on blockchain-based digital ledgers.

The new division, MassRoots Blockchain Technologies, will employ the same staffers as the parent company, MassRoots CEO and founder Isaac Dietrich told Marijuana Business Daily.

Blockchain technology is a digital ledger, or database, that continuously stores financial transactions and data records.

“We think blockchain allows the cannabis industry to operate more efficiently and with a greater degree of transparency,” Dietrich told MJBizDaily.

“I think the market is speaking very strongly that it likes companies who are interested in exploring blockchain technology.”

The forward-looking announcement comes after a tumultuous 2017 in which Dietrich was ousted from MassRoots’ board and replaced as CEO, only to be reinstated weeks later.

Blockchain will be integrated into MassRoots’ existing platform, including its social network app.

Existing clients won’t see much of a change, Dietrich said, but he hopes it will improve the back-end experience for users and businesses in the cannabis industry.

Dietrich said MassRoots raised $545,000 in its last quarterly filing for a cryptocurrency, which is the most well-known application for blockchain technology.

“That’s something we’re still exploring. Cryptocurrencies are taking off,” Dietrich said.

“We think there’s significant potential for cryptocurrencies, especially in solving problems faced by cannabis-related businesses.”

International technology giant IBM displayed similar thinking in November when it recommended blockchain to British Columbia, Canada, as a possible supply-management tool for its marijuana industry.

5 comments on “MassRoots creates blockchain subsidiary in bid to increase marijuana efficiencies
  1. Brett Roper on

    OK … so tossing around the use of block chain technology is nice but what does it mean to revenue generation? Also are you doing it or exploring it as your quotes leave me wondering? Not sure there was anything of substance here but I guess we will see?

    Reply
    • Conner M on

      There is nothing here as suspected. Just more garbage press to window dress the lack of business of this company. I think a homeless person can make more money in a weekend panhandling than this company has in 4 years!

      Reply
  2. Bruce Simmons on

    “The new division, MassRoots Blockchain Technologies, will employee the same staffers as the parent company, MassRoots CEO and founder Isaac Dietrich told Marijuana Business Daily.”

    Stated another way, the division will have no dedicated employees and this is just a press release to pump up a near-worthless stock.

    Reply
    • Conner M on

      Thoroughly agree. This criminal running the company is nothing short of a micro-cap scam artist. Company has a long history of stock promotion, constant dilution of the stock by issuing millions of shares in exchange for cash while unable to ever turn a profit, long history of non-material news announcements to support the stock promotion by IRTH Communications to benefit crooked shareholders like Chardan, Dutchess Capital, and other toxic chop shops this company did business with and now wants to enter the world of crypto currency in a last ditch effort to pump up the stock all while the auditors jump ship, company has no office or real employees and now has to raise money at $0.20 so the crook and his stoner buddies can steal more from the company. Unfortunately word is out on this scam and find it odd that the media would give this scam anymore press. The next article should revolved around how this company gets delisted by the SEC and Dietrich goes to jail.

      Reply
  3. CryptoNinka on

    They look very late to the game considering the Budbo.io solution. The white paper and team look very promising for Budbo. Seems this is a desperate attempt to copy an idea.

    Reply

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