MassRoots operating from shared workspace, raises nearly $5M to repay debts

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Marijuana-focused social media platform MassRoots is operating out of a coworking space in Denver after being evicted from its office last month.

According to the Denver Post, CEO Isaac Dietrich told shareholders in a conference call that the company is considering a listing on the Canadian stock market.

MassRoots also has raised nearly $5 million, allowing it to repay its debt obligations.

Dietrich was reinstated as CEO in December after threatening to hold a proxy vote to oust the board, which fired him in October and installed Scott Kveton as CEO.

Here’s what you need to know:

  • MassRoots has raised $4.75 million via the sale of stock to private investors, according to Dietrich.
  • The firm is posting negative cash flows of less than $200,000 per month, Dietrich said during the call.
  • Dietrich said the company’s current pursuits – including forming a subsidiary to focus on blockchain-based digital ledgers – could help to right the ship.
  • The company has added two more employees for a total workforce of five.
  • During the call, Dietrich highlighted the company’s recent investments in CannaRegs and High Times. He also pointed out that Canadian company Aphria has invested $950,000 in his company in the last year and a half.