Pot Social Network MassRoots Defaults on Almost $1 Million Debt


The company applied to trade on NASDAQ earlier this year but was rejected.

Here’s your daily round-up of pot-news, excerpted from the newsletter WeedWeek. Download WeedWeek’s free 2016 election guide here.

Social network MassRoots, defaulted on almost $1 million in debt payments and laid off about 40% of its staff, according to SEC filings. This week Chairman and CEO Isaac Dietrich, wrote an upbeat letter to shareholders that did not reference either setback. The company has raised more than $5 million.

Stock in GW Pharmaceuticals soared after the U.K. company announced more promising late stage data for its CBD childhood epilepsy drug Epidiolex.

Facebook can’t make up its mind about cannabis.

In SFWeekly, I wrote about what the Bayer/Monsanto merger means for cannabis. Vice asks ifBlockchain financial technology can solve the industry’s banking woes.

Colorado’s new edibles labeling and packaging requirements take effect today. Legal states arebefuddled by how (or if) to promote weed tourism.

Living next to an indoor grow can be a real drag. “They don’t care about the communities that they’re in, they don’t care what their building looks like, they don’t care what the community smells like, because they never are planning to bring their clients into these communities to do business,” Denver activist Candi CdeBaca said.

A second Maryland company that was denied a MED license is joining a lawsuit against the state. The process is under scrutiny for successful applicants’ lack of racial diversity.

The SEC suspended a penny stock offering from company Med-X. In February, New Cannabis Ventures called the opportunity a “very bad idea” for investors. California company Terra Tech appears to have permanently reversed an aspect of its stock structure that New Cannabis Ventures warned could dilute the holdings of common shareholders.

Alan Brochstein, the stock analyst who founded New Cannabis Ventures, offers a few thoughts on how to invest in cannabis.

KQED asks what California legalization could mean for small growers in the Emerald Triangle.

A report from GreenWave Advisors says legal REC is cannibalizing the MED market. Wholesale prices are down about 40% from this time last year, according to Boulder-based Tradiv.

The investors on “Shark Tank” weigh in on whether they’d invest in cannabis. Built in L.A. lists 15 SoCal cannabis start-ups.