MassRoot’s initial cannabis social network, while fairly popular with 650,000 users at its height from whom they collected a great deal of data, was never sufficiently monetized.
Leafly and Weedmaps were their initial competition and successfully monetized their respective media platforms.
MassRoots suffered a bit of bad luck when in a crackdown against cannabis-related products, it was taken off the Apple Store and it received several negative reviews on Android.
They went from 30 full-time employees down to five currently employed there along with an undisclosed amount of contractors. Managing operations is now quite an effort.
MassRoots only had $485 in cash on their balance sheet at the end of the first quarter of 2019. Yes, you read that right - $495!
MassRoots pivoted in 2016 to develop business products that explored blockchain, however those initiatives fell through as did partnerships with other cannabis-related firms.
In 2017, Odava, a company that facilitated financial transactions in cannabis, owned by Scott Kveton was bought by MassRoots and Kveton came on board as Vice President.
They went from 30 full-time employees down to five currently employed there along with an undisclosed amount of contractors.
MassRoots only had $485 in cash on their balance sheet at the
end of the first quarter of 2019.