MassRoots, Inc. (MSRT) reported a major milestone for the company after it reported to have more than one million registered users on its platform.
The last few months have been extremely significant for MassRoots and the company is in a better position than ever before. From its balance sheet to its management team, MassRoots has made several changes that have proven to be very impactful and we think this is a stock to watch.
Corporate Update Re-Affirms Positive Outlook
In mid-February, MassRoots released a corporate update that left us even more favorable on the company’s long-term outlook.
In the update, the company reported to have raised over $2.9 million through warrant exercises so far in 2017. At the time of this update, MassRoots said that its cash position was the strongest it has ever been.
The update also highlighted the = recently completed acquisition of DDDigtal, which does business as Whaxy, an online order-ahead and menu management platform. Since launching in May 2016, Whaxy’s online ordering platform has processed over $7 million in volume across 60,000 unique transactions.
Catalysts to User Growth
Concurrent with today’s announcement, MassRoots Chief Executive Officer Isaac Dietrich announced plans to release a revamped website in the coming days. The company also plans to release a suite of updates to its mobile app that will significantly enhance user experience.
Last year, Google removed the MassRoots app from Google Play and this served as a headwind for user growth. The company expects its app to be re-listed in Google Play soon and this should be a catalyst for user growth. The MassRoots app is listed in Apple iOS which has stricter guidelines when compared to Google Play.
In the previously issued corporate update, MassRoots reported to have seen an 18% spike in traffic after Tom Angell became the company’s Senior Political Correspondent in early February. We expect to see continued growth into and through the 4/20 holiday.
Outlook is Bright
MassRoots is one of the largest technology platforms for the regulated cannabis industry.
Through its mobile application, MassRoots enables consumers to rate products and strains based on their efficacy (i.e., working well for back-pain or epilepsy) and then presents this information in easy-to-use formats for consumers to make educated purchasing decisions at their local dispensary.
We are favorable on MassRoots’ long-term outlook as the company has done an incredible job turning things around since Summer 2016. We believe that MassRoots is a stock to watch heading into the 4/20 holiday season and have the company at the top of our radar.
Important Investor Disclosures
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Source: Technical 420