DENVER, July 14, 2017 /Weed Wire/ — MassRoots, Inc. (OTCQB:MSRT) is pleased to announce it has closed the acquisition of Odava, Inc., a leading compliance and point-of-sale system for the cannabis industry, for cash and common stock consideration, as fully detailed in our Current Report on Form 8-K filing, dated July 14, 2017. MassRoots now offers dispensaries a complete suite of software to manage their regulatory compliance, streamline their supply chain, and develop successful consumer loyalty programs.
MassRoots is pleased to release the following video testimonial from Pure Green dispensary from Portland, Oregon, a client of Odava’s retail point-of-sale and compliance software, accessible here.
“There’s a significant opportunity in taking our experience in the Colorado and Oregon markets and leveraging it in California, Nevada, and other states,” stated Odava Co-Founder Scott Kveton. “MassRoots came to the table with thousands of dispensary relationships, an app synonymous with marijuana, and one of the largest shareholder bases in the industry. Together, we have the technology and resources necessary to aggressively grow market share in California and other strategic markets.”
“The Odava acquisition diversifies our revenue streams while also enabling the platform integrations necessary to effectively monetize MassRoots’ audience,” stated MassRoots Chief Executive Officer Isaac Dietrich. “Odava’s founders, Scott Kveton and Steven Osborn, have built technology companies valued at hundreds of millions of dollars and have already made a significant impact on our business strategy.”
Odava’s main integration to state regulators is through Franwell, Inc.’s METRC system which, just a few days ago, was awarded the contract for California’s cannabis regulatory system. MassRoots expects this will enable Odava to enter the California market with minimal infrastructure changes. With more than 1,000 dispensaries expected to be subject to California state regulations for the first time, this presents a unique growth opportunity for MassRoots to on-board these dispensaries to the Odava system as well as its other offerings.
This information does not constitute an offer to sell or a solicitation of an offer to buy securities or assets of MassRoots. All information presented herein with respect to the existing business and the historical operating results of MassRoots and estimates and projections as to future operations, the success of events that we are attending, and other information, is based on materials prepared by the management of MassRoots and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, MassRoots makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, MassRoots reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information.
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of MassRoots’ advertising business, partnerships, and our related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Important factors that could cause our actual results to differ materially from those anticipated by the statements made herein include, among others, the success of our advertising initiatives, the continued growth and engagement of our user base, our ability to work with partners of the Company, and unforeseen technical or other problems or issues that could affect the performance of our products or our business. Further information on our risk factors is contained in our filings with the SEC, including the Amendment to our Registration Statement on Form S-1 filed with the SEC on August 9, 2016. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Any forward-looking statement made by us herein speaks only as of the date on which it is made. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.