Denver-based MassRoots is the cannabis social platform juggernaut that is on its way to gaining 1 million users. Recently, the company announced that it would be entering in a definitive agreement to acquire DDDigital, which is otherwise known as Whaxy and the custom application developer Cannabuild.
MassRoots paid $100,000 plus the perk of 2,926,830 shares of MassRoots’ common stock in exchange for Whaxy and Cannabuild. Massroots will integrate Whaxy’s online ordering platform with its social network.
“This acquisition, when completed, will expand MassRoots’ offerings to include a full suite of dispensary software solutions—online ordering, marketing and real-time inventory management—for cannabis businesses,” MassRoots CEO Isaac Dietrich stated in a press release. “Zach Marburger is a brilliant strategist whom we’ve known for years, and Whaxy’s CTO, Micah Davidson, engineered one of the best technology platforms on the market with a lean budget. We could not be more excited to welcome them to the MassRoots team. Over the next few months, our main focus will be increasing the number of dispensaries utilizing the MassRoots/Whaxy platform.”
Whaxy’s platform is compatible with nearly every major point-of-sale system that is used in the cannabis community. Whaxy was launched last May. Since then, the platform has completed 40,000 unique transactions amounting to process $5 million in completed purchases. they have become the platform of choice for major collectives and companies such as Harborside, GreenHouse, Cresco Labs, and more. By joining forces with MassRoots, Whaxy will be able to dramatically scale their transaction volume.
“We’re stoked to be joining the @MassRoots team!” Whaxy tweeted.
MassRoots has grown significantly from its modest beginnings when it was launched in July 2013. After being denied funding from dozens of Silicon Valley capital firms, the starving student Dietrich maxed out $17,000 in credit card debt in order to launch his own company. MassRoots filled the void that was left when other apps like Instagram began attacking cannabis brands. MassRoots now has a market capitalization of over $54 million and a respectable empire. With the recent addition, the company will assuredly continue to grow at a pleasant rate. “ . . . The synergies between our two companies are strong and together, we’re building a cannabis technology powerhouse,” Whaxy CEO Zach Marburger stated.
Source: Culture Magazine