Denver-based MassRoots raises $250,000 to promote marijuana legalization in other states

MassRoots Inc. raised $250,000 last month to promote marijuana legalization in the nine states voting on new rules for the drug.

Man smoking marijuana. (Rafael Castillo/Flickr)
Man smoking marijuana. (Rafael Castillo/Flickr)
Man smoking marijuana. (Rafael Castillo/Flickr)

MassRoots Inc. raised $250,000 last month to promote marijuana legalization in the nine states voting on new rules for the drug.

The Denver-based company would benefit from new dispensaries and cannabis customers in those states using its cannabis-centric social media network. MassRoots is looking to grow its annual revenue to upward of $15 million within the next 12 to 18 months.

“Over 30 percent of the United States population lives in a state with a cannabis initiative on the ballot next Tuesday, and we’re mobilizing our entire community to help these initiatives pass,” MassRoots CEO Isaac Dietrich said in a statement.

Dietrich said the company raised the money from shareholders and cannabis enthusiasts. Beneficiaries included the Marijuana Policy Project, Marijuana Majority, Students for a Sensible Drug Policy and the initiative groups in Arizona, California, Florida, Nevada, Maine and Massachusetts.

Business & data reporter Adrian D. Garcia can be reached via email at agarcia@denverite.com or twitter.com/adriandgarcia.

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Adrian D. Garcia

Author: Adrian D. Garcia

Adrian D. Garcia covers business and trends for Denverite. He's covered business for The Fort Collins Coloradoan and serves as treasurer for the Colorado chapter of the Society of Professional Journalists.