Massroots Inc. (OTCQB: MSRT) has been making many moves to expand the companies compliance offerings. One of the latest developments has been another acquisition: Massroots announced the acquisition of Cannaregs, Inc, a leading technology platform that focuses on tracking the changes in cannabis regulations and taxation at the municipal, state and federal levels. According to Massroots Current report on the 8-k filing, Massroots will acquire Cannaregs in a stock deal valued at approximately $12 million.
More about Cannaregs
Founded in 2014, CannaRegs, a web-based subscription service for those in the cannabis industry and their advisors, provides enhanced access to all cannabis-related rules and regulations. They provide subscribers the ability to stay up to date with the state, county, municipal and federal sources, along with aggregating these rules and regulations in an intuitive, easy-to-use database. To date; Cannaregs is a cash-flow positive and debt-free company with more than $450,000 in contractually-obligated annual revenue.
Cannaregs organizes the laws into distinct categories and sorts them by license type.
Cannaregs categories: Taxation, Zoning, Application & licensing and packaging and labeling.
License Types: Cultivation, Dispensary, and Testing.
CannaRegs is continuously monitoring jurisdictions for any revisions to the laws to keep CannaRegs subscribers up-to-date on any changes.
Currently, you can research general cannabis laws for California, Colorado, Florida, and Nevada, and soon to follow all other medical and/or recreational marijuana permitted states.
Meet Amanda Ostrowitz, CEO of Cannaregs
A regulatory attorney and entrepreneur, Amanda Ostrowitz, specializes in marijuana regulations and banking law. Amanda moved to Colorado in 2004 to attend Colorado College where she earned her B.A. in Economics. In 2013, she received her Doctor of Jurisprudence degree from the University of Denver Sturm College of Law. Amanda founded Cannaregs in 2014 and serves as Co-Founder and Chief Strategy Officer.
The Future of Massroots
Massroots interest in Cannaregs fits well with their recent acquisitions of Odava, a POS platform for cannabis-related business, and Whaxy, an online menu-management and consumer loyalty platform. The Cannaregs acquisition once completed will allow companies to quickly update their operational procedures and report to regulators through the MassRoots platform.
“This acquisition expands MassRoots’ compliance offerings, consolidating the most important operations for cannabis businesses into one central platform,” said MassRoots CEO Isaac Dietrich. “We expect with MassRoots’ resources and relationships, we can grow the number of businesses utilizing CannaRegs and significantly increase MassRoots’ contractually-obligated monthly recurring revenue.”
MassRoots launched on July 14, 2013, in the App Store, as a cannabis social network that allows users to research cannabis strains and product information, locate dispensaries and products, and read the latest in cannabis news.
For more information, please refer to MassRoots, Inc.’s filings with the U.S. Securities and Exchange Commission.
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