A social network for marijuana enthusiasts might soon sell its shares through the NASDAQ market.
MassRoots, Inc., which has become known as the ‘Facebook’ for the cannabis community, filed IPO papers on Monday to become the first publicly-traded marijuana business listed on NASDAQ, Forbesreports.
Massroots CEO Isaac Dietrich described his smartphone app toPBS Newshour as a “social network for cannabis consumers, a Facebook for pot that enables people to find smoking buddies, provides information about dispensaries and gives a forum for sharing legalization news.”
Although MassRoots is already publicly traded on the OTCQB marketplace, the company hopes to join the world’s second-largest exchange in NASDAQ.
A few possible setbacks could arise due to the fact that marijuana is still illegal under federal law. While MassRoots maintains that their business doesn’t “touch the plant,” the mere association could be enough to be denied. The app does not directly sell marijuana, although it does display advertisements from dispensaries that sell cannabis under state law.
“Our advertisers are primarily dispensaries and glass-shops looking to market their products directly to cannabis consumers,“ Dietrich said to PBS. “However, we’re starting to see increasing interest from mainstream brands. Last year, MassRoots partnered with Uber to offer discounts on rides at an event celebrating legal marijuana sales in Colorado, in order to promote safe driving.”
NASDAQ is expected to make a decision within the next few weeks.