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Cannabis social network Massroots announced today that Nasdaq denied the company’s request to trade shares on the exchange.

Unhappy with the decision, Massroots issued an outspoken press release condemning Nasdaq’s actions as setting “a dangerous precedent that could prevent nearly every company in the regulated cannabis industry from listing on a national exchange. The company was given the chance to keep this rejection private, but CEO Isaac Dietrich decided to go public in an effort to facilitate change.

Massroots plans on appealing the decision to the SEC (Securities and Exchange Commission) “if necessary.” Since it’s unclear why Nasdaq rejected Massroots’ application, it’s unfair to say whether or not this ruling will set a precedent for the rest of this nascent industry.

Bernie Canter

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