MassRoots, a regulated cannabis social media platform has entered the metals recycling business with the acquisition of Virginia-headquartered recycler Empire Services Inc.
Under the deal, which is expected to cost Denver-based MassRoots $14mn, the cannabis company will acquire Empire’s stock and make the recycler a part of its business. Through the acquisition, MassRoots expects a significant increase in its consolidated revenue, the company’s chief executive officer, Isaac Dietrich, said in a media statement last week.
According to Danny Meeks, president at Empire, the transaction will facilitate Empire’s continued growth. In return, Empire will help MassRoots establish strong operations and governance standards. Meeks will join the MassRoots board after the deal is finalized.
The companies did not disclose the volume of metal recycled by Empire but noted that the company has 10 scrap facilities across Virginia and North Carolina with a workforce of 65 people.