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MassRoots, a popular marijuana-focused social media platform, said in its quarterly financial filings that the company is running low on capital and will need to raise $5 million in the next year “to continue to fund operations.”
The Denver-based business added that it expects to be able to raise most of that sum by exercising warrants.
“We are dependent on the sale of our securities to fund our operations, and will remain so until we generate sufficient revenues to pay for our operating costs,” the publicly traded company said in filings with the Securities and Exchange Commission.
MassRoots posted a $7.4 million net loss