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Cannabis media company MassRoots, Inc. (OTC:MSRT) is looking to acquire Empire Services, Inc.
Denver-based MassRoots announced Wednesday it has executed a letter of intent with Empire to purchase all of its equity for $14 million in a primarily stock-based transaction.
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What It Means For MassRoots: MassRoots CEO Isaac Dietrich called the acquisition a "new beginning" and possibly "transformative," enabling the company to generate "significant revenue and positive cash flows from operations."
Moreover, the transaction includes Empire's 10 operating metal recycling facilities in Virginia and North Carolina. Empire, which was established in 2002, expects to continue expanding its footprint in the upcoming quarters.
Empire's revenue exceeded $20 million in the last two consecutive years. The company also reported net positive cash flows from operations in both the 2019 and 2020 fiscal years.
What's Next: Danny Meeks, the sole shareholder of Empire, agreed to chair MassRoots' board of directors once the acquisition is finalized.
"We intend to build MassRoots into a diversified conglomerate of profitable businesses as we focus on creating long-term shareholder value," Meeks said.
MassRoots recently disclosed that it's considering the re-launch of its mobile applications on the heels of securing some $446,000 in financing through its Series X Preferred Stock sale.
The marijuana media platform allows cannabis businesses and brands to reach customers through social networks.
"We want to monetize our platform the right way, and that's by continuing to deliver authentic content, speak the truth, and build up an audience of brands and clients that feel the same way," Dietrich recently told Benzinga.
Photo by Ryan Lange on Unsplash.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.