A recent press release reports that NASDAQ Denies Cannabis Tech Company’s application, stating that MassRoots aids and abets the distributing of a substance that is illegal. The cannabis technology company has its own app on social media that aids users of cannabis in connecting with both other users and companies that offer cannabis to the public.
There is a MassRoots Stock Listing currently, however it is sold on the over-the-counter market. MassRoots seems to want to be included on the larger and more trusted Nasdaq, hence their August 2015 application for inclusion. The decline of their application didn’t make the company’s CEO, Mr. Isaac Dietrich, very happy, since he feels that this recent stumbling block might hinder the legal progression of the whole cannabis industry and could be setting a dangerous precedent as well.
The company is planning on appealing the decision and is also requesting a written denial letter. However, according to some market experts, no one wishes to even start getting close to anything that remains federally illegal and therefore the appeal may not be very effective even if they take their appeal to the SEC.
Another problem that many cannabis dispensing companies have faced is dealing with financial institutions. The banks seem to feel that doing business with them is still too risky in spite of the fact that it may be legal in their state. This makes it difficult for dispensaries to get banks to work with them.
Currently, only one thing could change all of this and that is the DEA rescheduling cannabis, and they just might be considering it. According to a recent memo to lawmakers nationwide, they expect to be reaching a decision as early as this summer.
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