Comment on Nasdaq dealt a huge blow to the cannabis industry (MSRT)

Nasdaq dealt a huge blow to the cannabis industry (MSRT)

MassRootsNasdaq has rejected an application by MassRoots, a social network for cannabis users, to list shares on its exchange. MassRoots said in a press release Tuesday that Nasdaq thought it was helping to sell an illegal substance. Medical marijuana is illegal under federal law but allowed in 23 states. MassRoots plans to formally appeal, and it has started a public campaign to get more people to protest the electronic exchange. "If we were a social network for tobacco users or alcohol consumers, the Nasdaq would likely be moving forward on our application even though alcohol and tobacco cause far more deaths and societal damage than cannabis ever will," MassRoots CEO Isaac Dietrich said in a press release. MassRoots would have been the first cannabis-focused company to be listed on the exchange. "Moreover, the Nasdaq has already listed at least four biotechnology companies that extract compounds from the cannabis plant for scientific research — actually touching the plant as part of their business model," Dietrich said. Apple banned the MassRoots app from its store but later reinstated it in US states that have legalized medical cannabis. MassRoots argued that Nasdaq's decision would make it more difficult for other weed entrepreneurs to raise capital. A Nasdaq spokesperson told Business Insider that the company does not comment on listing applications.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News