Nasdaq does not comment on listing applications, but according to The Cannabist, the exchange may set additional conditions or deny a listing altogether if it decides that such a decision is necessary “to protect investors and the public interest.”
Two other cannabis-related companies are already listed on the Nasdaq: U.K.-based GW Pharmaceuticals PLC (NASDAQ: GWPH) and Insys Therapeutics Inc. (NASDAQ: INSY). Both are medical marijuana companies.
Among the conditions that MassRoots must meet are a share price of at least $3, more than double its current share price of $1.40 on the OTC Venture Marketplace, where it trades under the ticker symbol MSRT.
MassRoots offers a free app designed to function as a social space where users can find other cannabis users to smoke with, locate dispensaries and share posts, videos and photos.
Neither Facebook nor Twitter permits cannabis-related businesses and dispensaries to advertise on their social media platforms. And that advertising market is MassRoots’s target. The company said in late August that it generated more than $25,000 in ad revenues in the first 10 days of aggressively working to monetize its digital properties.
In its quarterly filing for the second quarter, MassRoots reported revenues of $2,126 and expenses of $1.49 million. Of 200 million shares of stock authorized, the company reported 44.5 million issued and outstanding. At the current trading price of $1.40, the company’s market cap is $62.3 million. The stock’s 52-week range is $0.80 to $7.01.