MassRoots Inc., a Denver-based marijuana-centric social media network, has acquired an equity stake in a seed-to-sale company with plans to integrate the cannabis-tracking software in the coming weeks, officials announced Sunday.
MassRoots is partnering with Denver startup Flowhub, which currently is in private beta.
Financial terms were not immediately disclosed.
Shares of MassRoots (OTC: MSRT), were up 15 cents, or nearly 11 percent, to $1.52 in morning trading on Monday.
The addition of seed-to-sale capabilities is meant to bolster MassRoots’ business-focused offerings, officials said.
“By partially combining MassRoots with a seed-to-sale system, we will give MassRoots’ users access to live pricing, inventory and an order-ahead system,” MassRoots CEO Isaac Dietrich said in a statement. “At the same time, Flowhub will be streamlining dispensaries’ operations and enabling them to target ads to specific customers based on purchasing patterns and social activity.”
In the next 12 months, MassRoots for Business could generate revenue from areas such as sponsored posts, its equity stake in Flowhub’s seed-to-sale operation, targeted advertising and orders made through the MassRoots app, according to materials accompanying the announcement.
MassRoots has more than 275,000 users of its app, a social network for people to connect with other cannabis users, find dispensaries and share experiences. More than 300 dispensaries post on MassRoots’ network, officials said.