Nasdaq Shoots Down MassRoots Again
EndFragment
Denver-based MassRoots, the popular social network for cannabis enthusiasts, failed again to secure a public listing on the Nasdaq, a setback for marijuana companies hoping to trade on a major U.S. stock market.
MassRoots said in a press release the Nasdaq linked its decision to the argument that the company, as a pro-marijuana business, could be considered as aiding and abetting the distribution of a federally illegal substance.
“With this decision, the Nasdaq has set a dangerous precedent that will prevent nearly every company in the regulated cannabis industry from listing on a national exchange,” MassRoots CEO Isaac Dietrich said in the release.
“This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States.”
EndFragment