MassRoots, a cannabis social network that helps users research strains, products and more, announced the acquisition of a leading technology platform in the marijuana industry, CannaRegs. The deal is valued at $12 million and will allow MassRoots to provide even more important information to those in the industry.
CannaRegs was founded in 2014 by former Federal Reserve regulator Amanda Ostrowitz. The CannaRegs' platform tracks changes in cannabis regulations and taxation at the municipal, state and federal levels, making sure that people in the industry are always kept up-to-date. This is particularly useful in a state like California, where there are 539 local jurisdictions all with different rules and regulations for the industry.
MassRoots is a social network that allows users to research cannabis strains and products, locate dispensaries and read the latest in cannabis news. By acquiring CannaRegs, MassRoots can compile even more information into their platform, making them an even more desirable destination for those looking for information about the industry. The CannaRegs deal follows two other recent acquisitions by MassRoots, including Odava, a point-of-sale platform for cannabis businesses, and Whaxy, an online menu-management and consumer loyalty platform.
“The cannabis industry is increasingly becoming compliance-centric and even minor changes in municipal regulations can have a significant impact on day-to-day operations. CannaRegs has made it easy for businesses, regulators and attorneys to track regulatory changes in real-time, often for less than the cost of one billable hour,” said CannaRegs Founder and CEO Amanda Ostrowitz, who is also a licensed attorney. “By becoming part of MassRoots’ expanding portfolio of technology offerings, we will be able to realize strong synergies in the development and distribution of our platform. We look forward to aggressively growing our market share in California and other key markets.”