Marijuana social media company MassRoots announced Wednesday that it will offer a revamped dispensary business portal for a subscription fee, with the hope the move will generate more revenue and growth for the struggling firm.
In a news release, Denver-based MassRoots said the subscriptions – which start at $420 a month per outlet with a 12-month minimum contract – will provide advertising listings on the site’s dispensary finder, update retail information in real time and obtain data analytics on local markets.
The portal is called MassRoots for Business.
In 2017 alone, MassRoots lost $44 million, and it lost $18 million the previous year that. Revenues, however, were just $319,000 in 2017 and $701,000 in 2016, indicating the company has long been struggling to become viable.
One industry analyst even dubbed the company a dumpster fire.” But MassRoots is still alive and kicking.
“We expect that subscriptions to MassRoots for Business will be our primary source of revenue this year,” MassRoots CEO Isaac Dietrich said in the release.
In December, the company announced another new endeavor – MassRoots Blockchain Technologies, a new division focused on digital ledgers.
MassRoots is a public company trades on over-the-counter markets under the ticker symbol MSRT.