Today, the company filed an 8-K with the SEC after the merger agreement with CannaRegs was terminated.

As per 8k filing:

“Item 1.02 Termination of a Material Definitive Agreement

As reported by the Company on its Current Reports on Form 8-K filed on August 24, 2017 and Form 8-K/A filed on August 28, 2017, the Company entered into an Agreement and Plan of Merger with MassRoots Legal Technology, Inc., a wholly-owned subsidiary of the Company (“Merger Subsidiary”), CannaRegs, Ltd., a Delaware corporation (“CannaRegs”), and Amanda Ostrowitz, an individual acting solely in her capacity as a stockholder representative (the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Subsidiary was to be merged with and into CannaRegs, whereby the separate corporate existence of Merger Subsidiary would cease and CannaRegs would survive as a wholly-owned subsidiary of MassRoots. As consideration, the stockholders of CannaRegs were to receive 30,000,000 shares of the Company’s common stock, allocated pro rata, and current and future members of the CannaRegs team were to receive a right to receive up to 10,000,000 shares and/or options to purchase the Company’s common stock pursuant to a new equity incentive plan.

The Company’s Board of Directors (the “Board”) has not yet approved or ratified the Merger Agreement.

The Merger Agreement was terminated upon receipt of written notice from CannaRegs on October 17, 2017, and the Company’s written mutual agreement to such termination on October 18, 2017, pursuant to Section 10.01 of the Merger Agreement.”

An Ugly Week Gets Uglier

Earlier this week, rumors surfaced in regards to the ousting of CEO Isaac Dietrich. Since then, the shares have been under significant pressure.

The shakeup going on over at MassRoots, combined with a dwindling staff leaves major cause for concern for this cannabis technology platform.

MassRoots: A Cautious Near and Long-Term Outlook

In 2016, MassRoots was one of the hottest names in the cannabis industry. During this time, the shares were trading north of $2. Now, they are trading below $0.30 and looking for a bottom.

We are keeping an eye on MSRT and will be monitoring how this shakeup plays out. We remain on the sidelines and cautious with MSRT and will be watching the shares for a bottom.