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MassRoots Issues Update on Planned Acquisition of Empire Services

MassRoots Issues Update on Planned Acquisition of Empire Services

Upon completion of the transaction, MassRoots expects it will be generating significant revenues and positive cash flows from operations

MassRoots, Inc. (“MassRoots” or the “Company”) (OTCPink:MSRT) today issued the following update on its planned acquisition of Empire Services, Inc. (“Empire”).

With the assistance of MassRoots’ team, Empire has launched a new corporate website which will enable its more than 600 daily customers to easily view each location’s daily prices for a variety of metals. This is the first of many technology solutions the companies plan to launch aimed at growing Empire’s revenues, streamlining its operations and enhancing its customer experience.

Established in 2002, Empire operates 10 metal recycling facilities in Virginia and North Carolina, and expects to continue expanding its footprint in the coming quarters. It has historically generated higher profit margins when market prices for metal rise.

Empire has engaged an independent accounting firm to audit its financials in accordance with the standards established by the Public Company Accounting Oversight Board (“PCAOB”). Subject to the completion of the audit and other closing conditions, the companies expect to close the transaction by August 13, 2021.

About MassRoots

MassRoots, Inc. (OTC Pink: MSRT) is a leading media company focused on the regulated cannabis industry, with a significant following and traffic across its online and social media platforms. MassRoots has been covered by CNBC, CNN, Financial Times, Wall Street Journal, New York Times, Reuters, and the Associated Press. For more information on MassRoots, please visit MassRootsInvestors.com.

About Empire Services

Established in 2002, Empire Services, Inc. operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming quarters. Empire is headquartered in Virginia and has approximately 65 employees as of May 2021.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Originally published via Business Wire

Contacts

Isaac Dietrich
(303) 816-8070
[email protected]

MassRoots Issues Update on Planned Acquisition of Empire Services

MassRoots Enters into Letter of Intent to Acquire Empire Services, Inc.

Empire Services generated unaudited revenues over $20 million in each of fiscal years 2020 and 2019, with net positive cash flows from operations

MassRoots, Inc. (“MassRoots” or the “Company”) (OTCPink:MSRT), a technology company focused on the regulated cannabis industry, today announced that it has executed a Letter of Intent (the “LOI”) with Empire Services, Inc. (“Empire”). Pursuant to the LOI, the Company plans to acquire all equity of Empire in a primarily stock-based transaction with the estimated value of approximately $14 million.

“We believe this acquisition will be transformative for our Company and its shareholders – upon closing, for the first time in our history, we expect MassRoots will be generating significant revenue and positive cash flows from operations,” stated Mr. Isaac Dietrich, Chief Executive Officer of MassRoots. “This deal is a new beginning for MassRoots and I could not be more excited to work with our team to execute on our strategic business objectives.”

“We intend to build MassRoots into a diversified conglomerate of profitable businesses as we focus on creating long-term shareholder value,” stated Mr. Danny Meeks, President of Empire. “I look forward to establishing strong corporate governance and operating procedures that will facilitate our continued growth. I believe this will be the first of many acquisitions and asset purchases.”

Established in 2002, Empire operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming quarters. It has historically generated higher profit margins when market prices for metal rise.

Upon closing of the transaction, Danny Meeks, the sole shareholder of Empire, will join MassRoots’ Board of Directors as its Executive Chairman. Over the coming months, the Company intends to settle its outstanding preferred shares and debts primarily with cash flows from operations.

About MassRoots

MassRoots, Inc. (OTC Pink: MSRT) is a leading media company focused on the regulated cannabis industry, with a significant following and traffic across its online and social media platforms. MassRoots has been covered by CNBC, CNN, Financial Times, Wall Street Journal, New York Times, Reuters, and the Associated Press. For more information on MassRoots, please visit MassRootsInvestors.com.

About Empire Services

Established in 2002, Empire Services, Inc. operates 10 metal recycling facilities in Virginia and North Carolina and expects to continue expanding its footprint in the coming quarters. Empire is headquartered in Virginia and has approximately 65 employees as of April 2021.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Contacts

Isaac Dietrich
(303) 816-8070
[email protected]

Originally published via Business Wire

Michigan Governor Signs Executive Order To Overhaul Medical Cannabis Licensing

Michigan Governor Signs Executive Order To Overhaul Medical Cannabis Licensing

The Michigan medical cannabis market should be further along than it is, according to the state’s Governor. Dissatisfied with the progress made in licensing medical cannabis businesses in the state, Governor Gretchen Whitmer recently signed an executive order to disassemble the board responsible for the decision making process.

“This executive order will eliminate inefficiencies that have made it difficult to meet the needs of Michigan’s medical marijuana patients,” Whitmer said.

The board, made up of volunteers, was not able to approve or deny medical marijuana business license applications within a reasonable time frame, so Gov. Whitmer took it upon herself to make a change. Gov. Whitmer’s executive order is supported by leaders in the state Legislature as well as former director of the Michigan Department of Licensing and Regulatory Affairs, Shelly Edgerton.

“The volunteer board took on a monumental lift to get this program going, but in the short time frame the program has been running, we have not seen the expected volume of licensees entering the market,” Edgerton said. “With this executive order, the licensing process will be more efficient and allow more applicants into the space.”

The volunteer board was only able to approve 121 medical cannabis businesses since they began considering applications in July. Of the 121, only 105 businesses have paid their fees to be able to operate legally.

Only the following number of medical marijuana businesses have been fully approved to operate in Michigan:

  • 31 Cultivators
  • 54 Dispensaries
  • 11 Processors
  • 4 Testing labs
  • 5 Transporters

The Marijuana Regulatory Agency

To replace the board of volunteers, the Marijuana Regulatory Agency was created. A new branch within the state Department of Licensing and Regulatory Affairs, the Marijuana Regulatory Agency will be responsible for awarding licenses to medical cannabis businesses as of April 30. Once the regulations are established for the recreational market, the Marijuana Regulatory Agency will license recreational businesses as well.

“All elements of this Agency have been designed to serve and better protect Michigan residents, and I’m eager to have a unified effort across state departments to make sure this process runs effectively and efficiently,” said Whitmer.

Michigan voters approved a ballot measure legalizing cannabis for recreational purposes in November 2018. Recreational sales are not expected to begin until 2020 because the state needs to establish a framework for licensing and regulations first.

Florida Lawmakers Push To Legalize Recreational Cannabis

Florida Lawmakers Push To Legalize Recreational Cannabis

In a joint effort, two state representatives submitted legislation to legalize, regulate, and tax a recreational cannabis market in Florida.

Rep. Michael Grieco, D-Miami Beach, and Rep. Carlos Guillermo Smith, D-Orlando, co-sponsored the 58-page proposal, known as HB 1117, which was filed in the Florida House Tuesday, February 26.

“With bipartisan efforts in criminal justice reform reaching new levels this year, it is the right time for Florida to start having a real conversation about legalizing marijuana for adult use,” Grieco said in a statement. “It’s coming one way or another, either by a 2020/2022 ballot measure or from us here in the legislature. Colorado has collected over one billion dollars in taxes from marijuana sales since 2014, so imagine what bigger, sunnier Florida could do.”

What would legalization look like under HB 1117?

If approved, HB 1117 would make it legal for adults 21 and older to possess, use, and transport up to two-and-one-half ounces of cannabis at a time. Adults would also be permitted to cultivate their own cannabis at home for personal use.

Consumption would be restricted to private spaces as public use would remain illegal. Public consumption would be punishable with up to a $100 fine.

“Continuing to criminalize responsible adult use of cannabis just doesn’t make any sense,” Smith said. “No one is dying from cannabis overdoses but they are getting arrested and being given criminal records for no good reason. A majority of Floridians support legalizing adult-use cannabis, so let’s do this already.”

Separately, Grieco filed HB 1119, which aims to establish a method of taxation for cannabis sales so that the state would benefit from such transactions.

https://twitter.com/CarlosGSmith/status/1101323360557064192

While these proposals are not expected to be approved this session, the sponsors expect it to continue the legalization conversation in the Sunshine State.

Medical cannabis was legalized by voters in 2016, and patients are currently fighting for the right to be able to smoke dried cannabis flower, a method of consumption that is currently illegal in the state.

Vape Pen Guide: A Look at Dry Herb, Wax, and Oil Cartridge Vaporizer Pens

Vape Pen Guide: A Look at Dry Herb, Wax, and Oil Cartridge Vaporizer Pens

If you haven’t been living under a rock the past few years, you’ve probably noticed the massive popularity that vape pens have been gaining as an alternative to smoking herb. Since most are now designed to fit in your palm or pocket, the vape pen of today is a much more portable, discreet, and stylish way to vape than the vaporizers of the past.

The use of personal vaporizers as a means of enjoying or medicating with marijuana has become so commonplace that the word “vape” was recently added to the Oxford English Dictionary, and was even named as their word of the year in 2014.

These portable vaporizers are designed to heat the cannabis product to a temperature just below that of combustion, producing a tasty, smooth vapor to be inhaled instead of smoke.

vape pens

Vaping is a popular alternative method of THC delivery among medical marijuana patients who may be unable to smoke because of their condition, and is gaining popularity in the recreational market because they provide a much less obvious way to use cannabis in public or at home. A small amount of vapor is less visible and has a more subtle odor than a cloud of, say, bong smoke.

Vape pens are also an easier tool with which to travel. If you do travel with your personal vaporizer, we recommend keeping it out of sight and protected with something like a slim and smell proof vape case. They help keep your vape pen safe and away from prying eyes — and noses.

Besides that, a vape case is a handy place to store additional vape pen accessories such as chargers, vape oil cartridges, or your wax oil concentrate container so you can bring your necessary vaporizer supplies on the go.

There are many different types of vape pens. Some are made to be used with dry herb, some with hash or vape wax, and some are made to be used with vape pen oil cartridges, which we will look at a little later on.

But first, let’s take a look at the history of the vaporizer and its evolution into the modern-day vape pen.

The Evolution of the Vape Pen

There is some controversy around when the vaporizer was first created, however sometime during the 1960s the first patented e-cigarette was designed as an electronic device to consume nicotine vapor.

Though it closely resembled the e-cigarettes of today, this ancestor of the modern vape pen never officially went on the market. It wouldn’t be until decades later that cigarette smokers, who wanted to quit smoking and learned about the potential harm reduction that inhaling vapor provided over smoking standard cigarettes, started adopting the practice.

Fast-forward to the late 90s, and we have the birth of what is perhaps the world’s most iconic and recognizable desktop vaporizer specifically designed for cannabis, the Volcano.

Apart from its classic stainless steel design, what made the Volcano kit unique was its patented detachable balloon chamber. The balloon chamber provided a way for the user to comfortably and safely consume the herb vapor, without coming into contact with the heating element, by using a fan to blow the vapor into a bag to be inhaled.

The Volcano is considered to be the first commercially successful modern vaporizer designed for consuming dry herb vapor, and dominated the vapor industry before the advent of portable vape pens. There were various attempted knockoffs of the Volcano’s design, however due to their inferior engineering they were never able to usurp the throne from the German-engineered product.

The modern day era of the vape pen as we know it began around the end of the 2000s, when the first compact vape pens began appearing.

The first modern vape pen was actually designed by a Chinese pharmacist and inventor and was intended for consuming nicotine vapor. Modern herb vapor pens have generally imitated the design and functionality of this first vape pen, with modifications so that they can be used in conjunction with either dry herb, wax, or oil cartridges.

Ten years ago the idea of “vaping” herb was a bit of a novelty, but today it has become a widely accepted practice for both medicinal and recreational marijuana users. With the countless varieties available on the market, there is a vape pen suited to everyone’s tastes and budget.

The Three Types of Vape Pen Explained

A dry herb pen vaporizer is generally the least expensive and simplest type of vape pen available.

This type of vape pen functions by heating up the dry cannabis flowers to the point that the active ingredients are released as a vapor without burning the herb (from 310-430 DegF). These are basically pocket-sized versions of the classic herb vaporizers.

A dab pen is the vape pen alternative to a dab rig, they are designed to work with wax and concentrates such as hash or shatter, rather than actual herb. Many people prefer wax vapor to herb vapor as it is a more concentrated and purer form of THC.

There are basically two types of dab pens, those that use a wick and coil combination that heats up the wax quickly, and those that use a coilless chamber that heats up and produces the vapor at a relatively slower rate.

The third type of vape pen out there is the kind designed to be used with oil cartridges that come pre-loaded with THC oils, also known as vape juice.

Like other vape pens, these heat up the oil with a tiny heater, powered by a rechargeable lithium ion battery, to the point that it becomes vapor ready to inhale. The main difference in the components of this type of vape pen is that instead of having a refillable chamber, the cartridges are replaced once the cannabis oils are used up.

In addition to the three types of vape pen mentioned above, there are some vape pens that are designed to function with more than one variety of cannabis product. For instance the Pax 3 gives the user the ability to vape both dry herb and concentrates right at their fingertips.

Combo vapes like the Pax 3 are a great option for people who enjoy switching between cannabis flowers and wax. The removable concentrate inserts are easy to take in and out depending on what your session calls for, allowing for a versatile vaping experience.

Marijuana Oil Cartridges for Vaporizer Pens Analyzed

The vape pens used with dry herb and concentrates like hash or wax require a person to load the THC product into the vape pen’s heating chamber. This means that the person using the vaporizer pen knows exactly what is being loaded into it.

The vape pens designed to be used with oil cartridges are a little bit trickier because the vape juice cartridges are most often purchased pre-filled with the marijuana concentrate liquid.

vape pen cartridges

With the recent discovery that many medical marijuana products in California were improperly labeled with incorrect lab test results, the good people at O’Shaughnessy’s decided to investigate some of the most widely purchased vape pen oil cartridges on the market. They used lab test results from SC Labs in Santa Cruz, CA to provide an analyzed, side-by-side comparison of 19 different vaporizer pen oil cartridges.

The graph below shows the lab test results for the THC content in each of the 19 oil cartridges. They are ranked in order of THC content with the highest tested product at the top. The calculations were provided by O’Shaughnessy’s:

thc content oil cartridge

The vaporizer cartridges that tested highest for THC content were Pure Cure (71%) and Absolute Xtracts(70%). Some vapor pen oil cartridges from the line created by Absolute Xtracts are even strain specific. None of the other oil cartridge brands tested in this sample named which strain of cannabis was used to make the oil.

Just as the THC content in each cannabis oil cartridge is different, so are the mixing agents used. Some are cut with additives like propylene glycol or vegetable glycerin, and some are not. The Pure Cure and Absolute Xtracts brand vape pen cartridge test results show that these products do not contain any type of additive. The rest of the cartridges tested in this sample did test as having been cut with some type of additive.

The graph below uses the lab tested percent of THC and the amount of liquid in each vape pen cartridge to determine how many milligrams of THC are in each concentrate cartridge. This information can be used to calculate the average price per milligram of THC, depending on how much the cartridge costs at each retailer. The calculations were provided by O’Shaughnessy’s, and the “size” is measured in milligrams:

marijuana oil cartridge potency

To determine your cost per milligram of THC, divide the price you pay for the concentrate cartridge by the milligram of THC (provided in the right column of the graph above).

Price paid for oil cartridge ÷ MG of THC = cost per milligram of THC

Based on O’Shaughnessy’s calculations, Absolute Extracts, Pure Cure, and Eureka oil cartridges provide users the best value of the 19 concentrate cartridges that were analyzed in this particular sample.

Whether you’ve been vaping for years and are an old pro, or you’re new to the concept and just looking to get your foot in the door with your first vape pen, it’s important to stay up to date with the latest data and trends in this relatively new and rapidly evolving area of the legal bud industry. Keeping informed will ensure that you’re getting the most out of your money and always know what you are putting in your vape pen, so that you can enjoy vaping to its full potential!

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