When we first started this company in September of 2013, our goal was to bring quality control at the point of care to the more than 220 million cannabis consumers worldwide who could not consistently find a strain that works for them.
We then learned about pesticides, and the MyDx vision was born: to empower consumers everywhere to Trust & VerifyTM what they put into their minds & bodies.
We are proud to have filed our Q3 Earnings Report (Form 10-Q), reaching the following Milestones in our company’s history:
MyDx has earned its first Revenues of $219,180.00 during Q315.
These earnings were generated almost exclusively from Online sales.
We expect our Ongoing Gross Margins to exceed 50%.
We reduced our overall operating expenses by more than 30% between Q2 and Q3, and continue this process.
The MyDx community now services thousands of Application & Device users who have joined us in generating close to 20,000 MyDx data points to date.
In Q3 of 2015, MyDx successfully transitioned from a development stage to a fully operating production company. We have also recently filed an Amended Form S-1/A which is pending with the SEC.
Moving forward, to drive growth and shareholder value, we plan to focus on 2 Key Pillars of Success: Product Sales & Market Liquidity. We welcome Long Term Investors that can support our key pillars of success, not withstanding any Free Market fluctuations we might encounter in stock performance, sales, or management in the short term.
Thank you for investing and believing in MyDx. We sincerely appreciate it.
Daniel R. Yazbeck Chairman & CEO
Q3 COMPANY UPDATE
MyDx has graduated from a New Product Introduction (NPI) Manufacturing Line to a Full Production Line at our contract manufacturing facilities in Fremont, CA. We have streamlined our fulfillment capabilities and are ready to scale.
DISTRIBUTION (Cannabis Industry)
We are looking forward to on-boarding key distributors to address the needs of our 4 key customers in the Cannabis Industry: Manufacturers (growers & cultivators), Distributors (dispensaries & delivery services), Consumers (end users), and Regulators. This process is expected to expand our retail footprint and increase our revenues.
Please find below recent media mentions in case you missed them.
September 2015, Los Angeles – Marijuana Investor Summit
How Would You Like to Feel?
Our Product Development Team has been quite busy upgrading our CannaDx product and making it more valuable and practical for consumers. Here are a few of the new featured updates our customers are now enjoying with our product.
The MyDx Analyzer now predicts a Chemical Profile as well as an expected Feeling & Ailment Relief from a Sample Test.
Previously tested strains can now be re-calibrated with software to view more accurate Cannabinoid & Terpene Profiles.
Consumers can Find Similar Cannabis Strains in Community or “My Data” based on a strain’s Chemical Profile (TCP.)
Growers and Dispensaries can now promote their brands in the recently tested section of our App.
We are adding more strains to our reference database with more labs who can help us expand the range of operation and accuracy of MyDx. We are also integrating dispensary inventories into our database so patients can more easily find a local strain that works for them. Finally, we are rolling out features that will help patients and customers more easily share their results with the Cannabis Community at large.
We look forward to updating you about our other sensors advancing in our R&D pipeline, including an enhanced Canna Sensor and the OrganaDx Application. Thanks again for your support!