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DENVER — A new mobile app-driven social network devoted to medical marijuana has attracted $150,000 in seed money from an investment group.
MassRoots announced Thursday that it had closed the seed investment from members of the ArcView Group. The social network, launched in July 2013, has more than 25,000 active users. MassRoots allows users to maintain their privacy and anonymity by not requiring their name, email or phone number to join.
"By creating a network for the cannabis community, MassRoots is connecting tens of thousands of marijuana consumers, building a marketing and distribution channel for legal cannabis and empowering the legalization movement itself," MassRoots cofounder Isaac Dietrich said. "In the process, we are creating a unique and valuable company that will deliver substantial returns to its shareholders."
MassRoots describes itself as an ancillary business that never touches marijuana itself, which it said makes it a less risky investment than a dispensary or grow operation. Currently, 20 states and the District of Columbia allow for medical use of marijuana; another, Maryland, does not allow it, but allows medical use as a court defense. Meanwhile, Colorado and Washington have legalized recreational use of marijuana, with Colorado's law taking effect on Wednesday.