MassRoots isn’t slowing down with its strategy to become the largest cannabis industry software company as the company acquires CannaRegs, Inc. in a deal valued at $12 million. CannaRegs was founded in 2014 by Amanda Ostrowitz and is a tech platform that tracks changes in cannabis rules and regulations and is often nicknamed the “Lexis Nexis of cannabis.”
Ostrowitz is a former Federal Reserve regulator and licensed attorney. Her company is cash flow positive and debt-free with $450,000 in annual revenue, something MassRoots investors will be pleased to hear. The company sparked concern when it stated in a filing recently that it needed $5 million to remain a going concern. It has also been on a buying binge with acquisitions of Odava, a point-of-sale platform for dispensaries and Whaxy, an online menu-management and customer loyalty platform, in just the last year.