Extreme Tech Challenge (XTC) is a competition for tech startups to earn the chance to gain exposure, investment, and mentorship from some of the biggest names in the tech industry. MassRoots is proud to be the first-ever cannabis company to not only make it to this prestigious competition, but also to be named as a semi-finalist.
In a recent press release, MassRoots CEO Isaac Dietrich said, “Technology and big data have transformed countless industries and we believe the same will hold true for the cannabis sector. We are extremely grateful for the opportunity to share our vision for the cannabis industry at one of the largest gatherings of technology enthusiasts, investors, and media in the world. “
Today, he will pitch MassRoots to seven incredible judges and an online audience at the Consumer Electronics Show (CES) in Las Vegas. CES is a world-renowned conference held annually to showcase the latest consumer technologies. It is expected to bring in over 150,000 attendees this year. Tune in here for the MassRoots pitch at 4PM MST. Our pitch begins right around 4:20PM MST. Coincidence?!
Here are the major points of Dietrich’s pitch:
Cannabis Legalization Efforts in 2016
At least 8 states are expected to have some form of cannabis legalization on the ballot during 2016, including California, Nevada, Massachusetts, and Florida. With more than 675,000 users on its platform, MassRoots is uniquely positioned to help these initiatives pass by organizing legalization events and informing users of key voter registration deadlines. ArcView Market Research projects this year’s elections could cause the regulated cannabis industry to grow from $3.3 billion in 2015 to $10.8 billion by 2019.
In mid-August 2015, MassRoots started generating revenue through advertising, allowing dispensaries and cannabis brands to reach their target consumers. MassRoots CEO Isaac Dietrich will explore the problems faced by cannabis businesses – including advertising bans by Facebook and Google – as well as the catalysts fueling MassRoots’ revenue growth.
MassRoots has submitted an application to uplist to the Nasdaq, with the goal of being one of the first cannabis technology companies listed on a national exchange. With a market capitalization of $51 million and more than 2,000 shareholders as of December 31, 2015, MassRoots currently satisfies many of the Nasdaq’s qualifications and expects to meet the remaining in the near future. However, even if MassRoots meets all the qualifications, there can be no guarantee Nasdaq will accept MassRoots’ application.
If we are chosen as a finalist, we will get the chance to pitch to Richard Branson and 3 XTC Championship Judges in February on Branson’s private island — Necker Island. Branson is not only known for his wild success with the Virgin Group, he’s also regarded worldwide as an avid cannabis supporter. Needless to say, we would love the opportunity to tell him more about MassRoots and our mission.
We are looking forward to representing the cannabis technology industry in such a public forum this afternoon and hope that you will tune in. Once again, a huge thanks to the Extreme Tech Challenge team!