Failed deal, red ink, dwindling sales put MassRoots on the ropes
At one point, MassRoots was flying high, raising millions of dollars from investors and attempting to become the first cannabis company listed on the Nasdaq.
Over the course of 2017, however, the marijuana-centric social media network has nosedived and now finds itself in a precarious position.
Consider the following recent developments:
Last month, the companys board of directors abruptly fired CEO and founder Isaac Dietrich for undisclosed reasons.
A much-heralded $12 million stock deal to acquire the tech firm CannaRegs was scrapped just after Dietrichs ouster.
Colorado budget proposal calls for new task force to target illegal marijuana ops
Colorado aims to establish a state law enforcement unit dedicated to investigating and, ideally, eradicating illegal marijuana grow operations that have cropped up throughout the state.
Colorado Gov. John Hickenloopers $28.7 billion budget proposal for the 2018-19 fiscal year included the allocation of $1.2 million of marijuana tax revenue toward the assembly of a task force within the Colorado Bureau of Investigation that would investigate black market marijuana operations across Colorado.
Black market marijuana cultivation, distribution and exportation continues to incr....
Theres Now More Marijuana Shops in Colorado than Starbucks or McDonalds
There are nearly 500 stores in Colorado that are licensed to legally distribute cannabis and cannabis products to anyone 21 and older, according to figures released by the state. This is considerably more than the number of Starbucks in the state 392, and well over twice the number of McDonalds 208. Clearly, times are changing.
The large number of marijuana stores have results in over $1 billion in legal marijuana being sold in the first 8 months of the year. These sales have resuled in over $162 million in taxes for the state.
Since legal marijuana sales began in Colorado ....
Contrary to the claims of many marijuana prohibitionists, regulating the adult use of cannabis in Colorado has not been associated with any significant adverse effects on public safety. So affirmed Colorados top doctor, Larry Wolk, Chief Medical Officer for the Colorado Department of Public Health, in an interview Tuesday with the Canadian Broadcasting Corporation.
Specifically, Dr. Wolk said that legalization has not negatively impacted teen use or traffic safety. He also expresses skepticism at the suggestion that legalization may stimulate the greater use of other contr....
MJ Freeways issues mount with more outages, delayed seed-to-sale program
MJ Freeway, one of the leading technology companies in the cannabis industry, continues to experience security and performance issues with its inventory tracking software.
The companys point-of-sale system failed multiple times over the past few days, forcing marijuana retailers nationwide to log transactions by hand or in some cases even close temporarily.
And just last week, Washington state regulators announced that MJ Freeways seed-to-sale tracking program Leaf Data Systems wont be fully functional by Oct. 31. Thats the date when MJ Freeway is scheduled to take ove....
Study: Cannabis Legalization Has Reduced Opioid-Related Deaths in Colorado
The objective of the study, conducted by researchers at the University of North Texas School of Public Health, the University of Florida, and Emory University, was to examine the association between Colorados legalization of recreational cannabis use and opioid-related deaths. To do this researchers used an interrupted time-series design 2000-2015 to compare changes in level and slope of monthly opioid-related deaths before and after Colorado stores began selling recreational cannabis. They also describe the percent change in opioid-related deaths by comparing the unadjuste....
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