In further proof that marijuana is going mainstream, the social network app Mass Roots is going public on the stock market as one of the first cannabis-related IPOs from the Securities and Exchange Commission, reports the Daily Beast.
“It’s interesting, because most of the time the SEC declares a registration effective after it clears the comment period,” Mass Roots CEO Isaac Dietrich explained to the Daily Beast. “Well, since our company could be deemed as aiding and abetting an illegal activity, they reverted back to a policy that they haven’t had in place for 30 years. So basically, since the SEC didn’t object to anything that we stated after 30 days, our registration was allowed to go through. It’s actually a policy that they’ll now be applying to all marijuana-related companies.”
The news comes after a tumultuous year dealing with Apple CEO Tim Cook and his previous policy of not allowing any cannabis-related products to be sold in the Apple Store. But Cook eventually gave in, allowing Mass Roots back into the app store earlier this year merely three months after initially enforcing the ban.
Despite Mass Roots’ title as the first weed tech IPO, Dietrich insists that it won’t change their current business model.
“We got the idea for Mass Roots while we were smoking – all of our features, what we’re doing, all of this stuff – comes from smoking,” Dietrich added. “A company like ours could never be run by a big corporation, with the suits and their corporate style.”