Denver-based marijuana social media network MassRoots Inc. said it raised $1.2 million in a recent round private placement of stock.

MassRoots (OTC bulletin board: MSRT) said the financing came from CEO Isaac Dietrich and "several 'accredited investors,' including family offices and high net worth individuals."

The company said in a statement that the funds will be used to "to grow point-of-sale and regulatory compliance market share in emerging cannabis markets, with a focus on California."

Earlier this month, MassRoots said it acquired Odava, a marijuana point-of-sale and regulatory compliance platform for cannabis dispensaries, to enable the company "to enter the California market with minimal infrastructure changes." In November, California voters passed an amendment legalizing recreational use of marijuana.

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