$MSRT/MassRoots Acquires Odava, a Leading Compliance Platform for the Cannabis Industry
Cannabis Technology Conglomerate
The combination of the two companies is expected to create one of the largest technology conglomerates in the cannabis market
July 6, 2017 (Denver, CO) -- MassRoots, Inc. (OTCQB: MSRT ) and Odava, Inc., a leading regulatory compliance platform for the cannabis industry, have executed a Definitive Agreement for MassRoots to acquire Odava for cash and shares of MassRoots’ common stock. Odava is an industry-leading platform technology that provides compliance, point-of-sale, and supply chain management for the cannabis industry. The closing of the acquisition is subject to certain closing conditions as detailed in MassRoots’ Current Report on Form 8-K. The combination of the two companies is expected to create one of the largest technology conglomerates in the cannabis market and now will also be providing regulatory compliance, point-of-sale and consumer engagement programs for the entire industry.
Through its point-of-sale and regulatory compliance system, Odava automates and streamlines business operations for cannabis dispensaries and cultivators. Since launching in beta of June 2016, Odava has been able to secure dozens of medical and recreational dispensary customers in the Oregon market.
"This acquisition expands MassRoots’ offerings to dispensaries to include point-of-sale and regulatory compliance software, consolidating the most important operations for cannabis businesses into one central platform,” stated MassRoots CEO Mr. Isaac Dietrich. "We expect with MassRoots’ resources and relationships, we can grow the number of dispensaries utilizing Odava from dozens to hundreds by early next year. In the near future, we believe a significant percentage of all transactions occurring in the regulated cannabis industry will occur on our platform.”
Currently, Odava offers end-to-end regulatory compliance and point-of-sale software to dispensaries and cultivators in Oregon. MassRoots plans to expand Odava’s availability to the California, Nevada, Massachusetts, Colorado, Maryland and Florida cannabis markets during 2017 and 2018 through its current users and relationships. After the eight initiatives passed on November 8, 2016 are implemented, the Company estimates there will be roughly 2,800 dispensaries operating in the regulated cannabis industry and the value of combining our two business will create an ongoing revenue stream which then should increase shareholder value.
MassRoots also released an updated corporate overview deck, accessible here. For more detailed information, please see MassRoots’ Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 5, 2017.
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.
Forward-looking Statements:
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.
Our mailing address is:
MassRoots
1624 Market St
Ste 201
Denver, CO 80202
Cannabis Technology Conglomerate
The combination of the two companies is expected to create one of the largest technology conglomerates in the cannabis market
July 6, 2017 (Denver, CO) -- MassRoots, Inc. (OTCQB: MSRT ) and Odava, Inc., a leading regulatory compliance platform for the cannabis industry, have executed a Definitive Agreement for MassRoots to acquire Odava for cash and shares of MassRoots’ common stock. Odava is an industry-leading platform technology that provides compliance, point-of-sale, and supply chain management for the cannabis industry. The closing of the acquisition is subject to certain closing conditions as detailed in MassRoots’ Current Report on Form 8-K. The combination of the two companies is expected to create one of the largest technology conglomerates in the cannabis market and now will also be providing regulatory compliance, point-of-sale and consumer engagement programs for the entire industry.
Through its point-of-sale and regulatory compliance system, Odava automates and streamlines business operations for cannabis dispensaries and cultivators. Since launching in beta of June 2016, Odava has been able to secure dozens of medical and recreational dispensary customers in the Oregon market.
"This acquisition expands MassRoots’ offerings to dispensaries to include point-of-sale and regulatory compliance software, consolidating the most important operations for cannabis businesses into one central platform,” stated MassRoots CEO Mr. Isaac Dietrich. "We expect with MassRoots’ resources and relationships, we can grow the number of dispensaries utilizing Odava from dozens to hundreds by early next year. In the near future, we believe a significant percentage of all transactions occurring in the regulated cannabis industry will occur on our platform.”
Currently, Odava offers end-to-end regulatory compliance and point-of-sale software to dispensaries and cultivators in Oregon. MassRoots plans to expand Odava’s availability to the California, Nevada, Massachusetts, Colorado, Maryland and Florida cannabis markets during 2017 and 2018 through its current users and relationships. After the eight initiatives passed on November 8, 2016 are implemented, the Company estimates there will be roughly 2,800 dispensaries operating in the regulated cannabis industry and the value of combining our two business will create an ongoing revenue stream which then should increase shareholder value.
MassRoots also released an updated corporate overview deck, accessible here. For more detailed information, please see MassRoots’ Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 5, 2017.
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.
Forward-looking Statements:
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.
Our mailing address is:
MassRoots
1624 Market St
Ste 201
Denver, CO 80202
