MassRoots officials: “Right team and right plan” in place for growth
Published: Nov 16, 2017, 5:24 pm • Updated: Nov 16, 2017, 5:30 pm
By Alicia Wallace, The Cannabist Staff
MassRoots Inc.’s new CEO on Thursday sought to put a “weak” quarter and previous leadership in the rear-view mirror, telling investors that he’s optimistic for the road ahead — including potential ventures into arenas such as delivery and digital currency.
Interim CEO Scott Kveton addressed the company’s third-quarter results during a conference call with investors, reiterating that the company’s performance was a contributing factor to the departure of chief executive Isaac Dietrich in October.
“We’ve got the right team and the right plan to move forward,” he said.
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Recent conversations with existing and new investors have been encouraging, Kveton said, expressing optimism that the company would be able to increase revenue and raise additional funds to continue operating beyond the current quarter. The recent launches of a dispensary-finder platform and a WordPress-based website create greater flexibility for revenue generation, he said.
The company’s partnership with a venture capital-backed delivery service in California will be “really, really big in January,” when the state launches its recreational program, Kveton said.
Expanding on items disclosed in the quarterly earnings SEC filing, Kveton said MassRoots also is exploring an Initial Coin Offering, or ICO, for MassRoots’ entrance into digital currency. The company is evaluating “all the ramifications” of such a move from compliance and regulatory standpoints, he said.
MassRoots raised $545,000 in the Simple Agreement for Future Tokens, according to an SEC filing made Thursday. The tokens venture was initiated during the tenure of Dietrich, according to Kveton and the filing.
Topics: ancillary businesses, Colorado, compliance, Denver, massroots, social media, stocks, tech 
Alicia Wallace
Alicia Wallace joined The Cannabist in July 2016, covering national marijuana policy and business. In her 14 years as a business news reporter, her coverage has spanned topics such as the economy, natural foods, airlines, biotech, retail,…
