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BREAKING: Nasdaq Rejects MassRoots Stock Listing Bid

Leafly reports:

MassRoots, a social and technology platform targeting the cannabis community, was told Monday that the Nasdaq would be denying their application for listing, according to a company statement. The Nasdaq determined MassRoots could be seen as be aiding and abetting the distribution of an illegal substance, and was therefore unwilling to proceed with the company’s listing application.

“With this decision, the Nasdaq has set a dangerous precedent that will prevent nearly every company in the regulated cannabis industry from listing on a national exchange,” MassRoots CEO Isaac Dietrich said in the statement.

“This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States.”

MassRoots has requested the Nasdaq’s denial letter in writing and plans to appeal the decision.

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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