When MassRoots,which is also a marijuana stock, was asked by the SEC for evidence that the business was a leading social media app within the legal marijuana industry, Jerome Dewald an investor who capitalized on a marketing opportunity.
Dewald and his wife, Kristina Osipova, had previously been following different social media metrics such as business number of followers on Instagram, Facebook, Twitter, as well as YouTube as a way of shadowing their own portfolio of investments of marijuana related software.
Dewald confessed to MJINews that the reports have limits; different social media apps have various means of reaching their bottom line and the metrics that the reports use to follow “trends” generally may not transcend into profits.
In reference to Awesomepova’s July 2015 report, even marijuana businesses that are gaining the attention of potential investors and Snoop Dog such as Meadow Care and Eaze “cannot compete” against MassRoots, which touted about its 219,000 followers on its Instagram page as of June 30, 2015. However, the report does acknowledge that these businesses gaining more followers at a much faster rate.
Yet for Eaze and Meadow Care, which each focuses on medical cannabis delivery within the San Francisco market, this double-digit expansion in Instagram followers doesn’t actually mean that these apps are bringing in greenbacks yet.
“Setting up the logistics of these other apps is much more difficult,” Dewald said when comparing Eaze and Meadow Care to MassRoots. “You have to set up the infrastructure—attract patients, customers, drivers. You need dispensaries that want to work with you.”
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