SAN DIEGO, CA / ACCESSWIRE / April 25, 2017 / MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced its plans to develop and launch its second smart device (with associate engineering and prototype images) out of its Consumer Products Division for the Cannabis industry in 2H2017 - the ECO Smart Pen(TM).
The ECO Smart Pen(TM) Powered by MyDx is a next generation, rechargeable vaporizer pen equipped with Bluetooth technology that helps patients and consumers better manage and regulate their cannabis consumption habits.
How it Works
The ECO Smart Pen(TM) immediately activates the MyDx App via Bluetooth as soon as you put in any compatible cartridge, so that you can input the brand name you're using. Once the product information is submitted, the pen will then passively monitor your consumption habits, such as frequency of use.
Once you begin using the product, you'll be able to actively track which ailments the product relieved and/or feelings it generated and how many "puffs" it took to generate those feelings and/or reliefs.
Software As A Service (SAAS)
Manufacturers, Doctors and the like will be able to use MyDx Software on a private label basis to monitor and manage their respective user groups under a subscription-based model, which will be tiered for varying levels of access to user data and analytics.
Consumers/ Patients get to manage their consumption habits to maximize the benefits of the product and provide direct feedback to the manufacturers.
Doctors will be better equipped to manage their prescriptions by having access to more detailed information about what works and how much is needed to provide relief.
Brands will be able to private label and purchase the smart pen hardware and associated software ecosystem using their brand name to provide a more sophisticated vape pen experience for their customer-base.
Concentrate Manufacturers will be able to access relevant data via licensing arrangements with MyDx for their own product development initiatives.
The development of the ECO Smart Pen falls in line with MyDx's overall strategy of building a feedback ECOsystem powered by its products (as well as partner products) to develop meaningful insights into the products themselves, user behavior and the cannabis community at large. Whereas CannaDx(TM) analyzes Cannabis flower samples, the ECO Smart Pen will focus on the delivery and tracking of the effects of branded and formulated cannabis oils.
MyDx initially plans to work with select third-party manufactures to commercialize the pen out of its Consumer Products Division and then will work with concentrate manufacturers on formulations and/ or insights out of its Data Analytics and Bio-Pharmaceuticals Divisions. The ECO Smart Pen is due out in the second half of 2017.
Market Entry Rationale
Vaporization is becoming an increasingly popular alternative to smoking, and has become a multibillion-dollar market. BIS Research estimates that the U.S. vaporizer market will grow to over $20 billion by 2025. In a separate study, Research and Markets estimates that the global vaporizer market will be worth over $32 billion by 2021. And if consumption habits in Colorado are any indication of what consumption habits could be nationally, then concentrates will be the fastest growing and largest consumption alternative to flower according to ArcView Research.
To give a sense of the number of players in the industry, there are approximately 250 pre-filled concentrate manufacturers actively selling products in just Colorado, Oregon and Washington alone, representing LTM $146mm as of August 2016. Unfortunately, the net physiological effect of many of these products are still unknown without any means to capture data that could be used to develop more meaningful analyses about the potential benefits and side effects of those products.
The ECO Smart Pen by MyDx alleviates that problem and provides a means to capture more meaningful information that can then be used for research and product development, as well as promote public safety and general welfare.
To access the GIF video preview of the ECO Smart Pen, please click here.
To access the latest MyDx Investor Presentation, please click here.
To Review the MyDx White Paper, "A Practical Review of the Cannabis Testing Industry. Where do we go from here?", please click here.
About MyDx, Inc.
MyDx, Inc. (OTCQB: MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company developed MyDx®, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of the user's hand. The multi-use MyDx analyzer leverages over a decade of established chemical detection technology to measure chemicals of interest. The Company owns a substantial and growing intellectual property portfolio of patents covering its technology. The MyDx AquaDx®, OrganaDx(TM) and CannaDx (TM) sensors are now commercialized, and the AeroDx® application is next in line. All sensors will be compatible with a MyDx App that empowers consumers to live a healthier life by revealing the chemical composition of what they eat, drink and inhale. For more information, please visit www.cdxlife.com.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at http://ir.cdxlife.com/all-sec-filings or www.sec.gov.