Isaac Dietrich, CEO of MassRoots, displays his app at his office in Denver on Jan. 22, 2015. (Denver Post file)

MassRoots marijuana social network files for Nasdaq listing

MassRoots recently reached 500,000 users on its app, which is designed to help people find smoking buddies, locate dispensaries, and share posts about their weed experiences

MassRoots, a Denver-based operator of a cannabis-centric social network, is eyeing a listing on the Nasdaq exchange.

MassRoots (OTCQB: MSRT) filed an application for its shares to be listed on the Nasdaq Capital Market, officials announced Monday.

Moving to a tier of a major exchange from the over-the-counter market could bring further legitimacy to the burgeoning legal marijuana industry as well as bolster the company’s stature in the eyes of potential investors, officials said in a statement.

“We believe that uplisting to a national exchange like the Nasdaq would enable MassRoots to attract a broader range of institutional investors, increase share liquidity and help shift the paradigm about investing in the regulated marijuana market,” Isaac Dietrich, MassRoots chief executive officer, said in a statement.

Dietrich said via e-mail that the uplisting could be a multi-week process that presents several unknown variables — including whether the company would be successful in obtaining the listing.

MassRoots recently marked a milestone of having 500,000 users of its app, which was designed to help people find smoking buddies, locate dispensaries, and share posts, videos and photos of their cannabis-related experiences. In 10 days of “aggressively monetizing” its digital properties, MassRoots generated more than $25,000 in revenue, officials said last week.

Earlier this year, MassRoots acquired an equity stake in Denver-based Flowhub, a developer of cannabis-tracking software.

To be listed on the Nasdaq Capital Markets, MassRoots would have to meet one of three criteria that include financial and liquidity requirements such as having more than $4 million in stockholders’ equity, 1 million publicly held shares and bid or closing prices ranging from $2 to $4 per share.

Nasdaq officials declined to comment.

Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace

This story was first published on DenverPost.com