MassRoots CEO Isaac Dietrich has confirmed during a shareholder conference call that the Denver-based social media company is looking into a public listing on a Canadian stock exchange.
MassRoots bills itself as “the social platform for marijuana” and provide an app that facilitates connections between cannabis users and local dispensers. It makes money from registered dispensaries, which pay monthly listing fees depending on their preferred level of exposure.
The company currently trades on the over-the-counter market under the ticker symbol MSRT. The announcement follows MassRoots’ failed attempt to be listed on the Nasdaq Stock Market last year.
“We’re evaluating exchanges right now,” Dietrich told shareholders. “The (Toronto Stock Exchange) did have to approve Aphria’s investment in MassRoots last fall, so they’re familiar with our company. It would not be done in conjunction with an offering or anything like that, so it would just be existing shareholders gaining the ability to transfer their shares to another exchange. We’re keen on Canada, just because it is a very active and hot market right now.”
Aphria received an initial green light for a listing on the Toronto Stock Exchange earlier this month.
Dietrich also told shareholders it “still remains one of our top priorities to up-list to a major national exchange” and that company executives would consider a reverse stock split if such a move would get MassRoots a listing on the New York Stock Exchange or Nasdaq. But he emphasized the company is not contemplating the latter move at this time.
Dietrich added the company currently doesn’t meet two key requirements for an uplisting: $5 million USD in shareholders equity, and a per-share price requirement.