Daily marijuana use has skyrocketed among college students and millennials, and one weed-friendly social media app is trying to ride the cannabis wave all the way to the Nasdaq stock exchange.
MassRoots, an Instagram/Twitter/Facebook-like social network for cannabis smokers, went public with over-the-counter trading earlier this year and has now filed an application to be listed on the Nasdaq.
The stoner friendly cannabis app currently trades at around $1.39 a share (MSRT) as a penny stock, but must make it to $3 if it has hopes of playing with the big boys.
The nation’s cannabis industry is valued at some $3 billion as legalization movements sweep through the country and today’s college students are smoking it at levels not seen since the 1980s.
Smoking cannabis every day has become more popular than cigarettes, and the stoner-friendly app MassRoots is set to take advantage, according to Yahoo Health.
Dubbed as the “social network for the cannabis community,” the app allows marijuana users to post photos, share tips and photos, like, comment, and connect with other smokers and local dispensaries.
With some 500,000 members, the cannabis-friendly social media app is growing faster than expected and already has about 1,000 business accounts and a growing number of advertising deals. MassRoots has generated $25,000 in revenue in two weeks of advertising sales.
The app already charges companies to use business accounts and soon plans on charging for access to user’s consumer insights.
The cannabis niche is wide open because Google, Twitter, and Facebook don’t allow most cannabis-related businesses to advertise through their media, but that’s no guarantee the Nasdaq will let the social media cannabis app in the door.
There are a number of legal obstacles the app must overcome to be accepted by the grown-up stock exchange including a higher trading value, but co-founder and CEO Isaac Dietrich told Yahoo Finance he isn’t worried.
“We have a plan in place to meet all those requirements in the near future.”
Founded in 2013 by two friends while they shared a joint, MassRoots first captured the attention of cannabis lovers in Colorado. Before long the cannabis app’s founder were able to convince the Apple App Store to host their free app in the 23 states where marijuana is legal to at least some degree.
“The whole point is that we don’t want our grandmothers to see us taking bong rips on Facebook.”