MassRoots receives $1.1 million in new funding

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Cannabis-centric social media site MassRoots received $1.1 million in funding on Friday, mostly from new investors, and disclosed it slashed the salaries of its top executives to cut costs.

MassRoots’ founder and CEO, Isaac Dietrich, led the latest funding round, with former MyPoints.com CEO Steve Markowitz also among the contributors. The announcement came as the company closed on $3.2 million in equity financing under an offering that was launched in August.

Dietrich said in a news release he expects the funds to make the Denver company “cash-flow positive” and allow it to scale up to reach a larger audience.

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MassRoots receives $1.1 million in new funding is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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