MassRoots Releases Update on the Planned Asset Purchase of the Herbfluence Platform

Rhea-AI Summary

MassRoots (OTCPink: MSRT) is set to purchase the Herbfluence platform, enhancing its position in the cannabis marketing space. This acquisition, detailed in a Letter of Intent dated December 29, 2020, will allow businesses to identify effective influencers and manage marketing campaigns efficiently. Herbfluence collaborates with over 120 influencers, reaching more than 27 million followers. The CEO, Isaac Dietrich, highlighted the strategic timing amid anticipated reforms in federal cannabis policy and growing interest in the cannabis sector.

Positive

• Acquisition of Herbfluence expected to enhance marketing capabilities.
• Access to over 120 influencers with a combined reach of 27 million followers.
• Strategic timing with anticipated federal cannabis policy reforms and interest in the cannabis market.

Negative

• None.

MassRoots, Inc. (“MassRoots” or the “Company”) (OTCPink:MSRT), a technology and media company focused on the regulated cannabis industry, issued the following update on its planned asset purchase of the Herbfluence platform. The Company entered into a Letter of Intent to purchase Herbfluence’s technology platform on December 29, 2020. Terms of the closing are subject to standard due diligence and approval of the Definitive Agreement by the parties; for more information, please see MassRoots' Corporate Overview Deck.

The asset purchase from Herbfluence is expected to enable businesses to easily identify the most effective influencers for their marketing campaigns, schedule influencer posts, and evaluate the results of their marketing spend. The Herbfluence platform works with over 120 social media influencers with a combined following of more than 27 million people.

“With WeedMaps having announced its plans to go public in a SPAC transaction valued at $1.5 billion and the Biden Administration widely expected to reform federal cannabis policy, we believe now is the perfect time for this asset purchase and will position MassRoots to benefit from the increased interest in the cannabis space,” stated Isaac Dietrich, Chief Executive Officer of MassRoots. “Through the purchase of these Herbfluence assets, we believe our platform will make it easy for any business to schedule a top-tier influencer marketing campaign aimed at the tens of millions of cannabis consumers in the United States. Whether you are a multi-state operator of dispensaries, a licensed producer looking to build a brand amongst U.S. cannabis consumers, or one of the thousands of ancillary product companies, we believe our influencer platform will offer an innovate and cost-effective marketing channel.”

For more information, please see MassRoots’ Current Report on Form 8-K filed on December 29, 2020.

About MassRoots

MassRoots, Inc. (OTCPink:MSRT) is a leading media company focused on the regulated cannabis industry, with a significant following and traffic across its online and social media platforms. MassRoots has been covered by CNBC, CNN, Financial Times, Wall Street Journal, New York Times, Reuters, Associated Press, and Forbes. For more information on MassRoots, please visit MassRootsInvestors.com.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210125005261/en/

FAQ

What is MassRoots' recent asset purchase involving Herbfluence?

MassRoots plans to purchase the Herbfluence platform to improve its marketing capabilities for the cannabis industry.

What benefits will MassRoots gain from the Herbfluence acquisition?

The acquisition will help businesses identify influencers and manage marketing campaigns effectively, reaching a combined audience of over 27 million.

When was the Letter of Intent for the Herbfluence acquisition signed?

The Letter of Intent was signed on December 29, 2020.

How does the acquisition of Herbfluence position MassRoots in the cannabis market?

It positions MassRoots favorably in a growing cannabis marketing space, especially with expected federal policy reforms.