Saturday, June 25, 2022

Bulls and Bears Square Off on MyDx Inc (OTCMKTS:MYDX)

MyDx Inc (OTCMKTS: MYDX) is a up and coming science and technology company that’s trying to disrupt the cannabis industry. San Diego-based MyDx Inc (OTCMKTS: MYDX) is taking an interesting approach to the massive North American legalization of the cannabis industry – it’s developing a handheld laboratory analyzer that can tell you the specific chemical profile of the cannabis you are thinking about buying or using. According to MyDx, there are 400 chemicals within any sample of cannabis – not just THC – so it’s important to know exactly what you’re putting inside your mind and body.

Thanks to the hype and speculation surrounding the marijuana industry in the U.S. and Canada, shares of MYDX continue to be actively traded. Shares of MYDX are currently trading at $0.00680, giving the company a market capitalization of $10.52 million. Over the most recent 52-week period, shares have traded as low as $0.00 and as high as $0.20. Overall, there are 1.55 billion shares outstanding.

The centerpiece of the MYDX story is that it has created the first multi-use handheld chemical analyzer for cannabis professionals and retail consumers. And part of that story is the “trust and verify” thesis. The idea here is that cannabis is still not a fully tested drug, and it’s not clear how certain chemicals create specific feelings or emotions for users. So it’s important to find the strain of cannabis that works best for you. In other words, if you are looking for a feeling of euphoria to relieve pain, you will want a certain type of cannabis; if you are looking to relax and chill out, then you will want another type of cannabis.

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In a video released by the media company VICE at the beginning of 2017, MYDX explained exactly how the analyzer works. You simply put a small sample of the cannabis into the analyzer, and within a few minutes, you will have a total chemical profile of the cannabis. Moreover, there’s a companion mobile app for Apple iOS and Android – this enables users to track and record their favorite types of cannabis on the go.

Building on this concept that there are different types and brands of cannabis, MYDX recently announced the release of MyDx360, a software-as-a-service platform designed for entrepreneurs and other professionals to develop, launch and track the effects of new products. The June 20 press release described this as part of a “cannabis branding services” platform for companies looking to win over new consumers.

In fact, the company has been on a roll recently, in terms of new press releases and new announcements. On May 31, the company announced that the first 1,000 units of its MyDx 2.0 analyzer had been assembled and passed all relevant quality control and quality assurance guidelines. And on June 15, the company announced a new multi-media marketing campaign across Canada, designed to penetrate that nation’s estimated $9 billion cannabis market.

The problem, from the perspective of investors, is that MYDX has minimal assets, almost no revenues and a growing debt position. The company itself took shape, thanks to a $70,000 Indiegogo crowdfunding platform that attracted 187 backers. So, even though MYDX describes itself as a science and technology company, it’s still very much an early-stage startup looking to get big fast.

One approach to get bigger is to release more and more analyzers and sensors, beyond just those for cannabis users. For example, there’s AquaDx (for analyzing water samples), OrganaDx (for analyzing fruits and vegetables for signs of pesticides) and AeroDx (for analyzing the air for the presence of harmful pollutants and toxins). Right now, OrganaDx and AeroDx are in beta.

Earlier, in September 2016, the company showcased the AquaDx analyzer in Tampa, Florida. At that time, a nearby water source was contaminated, and the AquaDx analyzer was sent to residents to help determine whether their water was safe to drink. The water sensor could give a “pass/fail” rating to the water within just six minutes.

Going forward, the big question is just how big the market opportunity is for MyDx. Thus far, the company’s major premise has been that the company will grow at the same pace as the remarkable growth of the cannabis industry. New consumers and new companies selling new products would, presumably, create more demand for the MyDx analyzer.

For now, the company is still very much a speculative play, as evidenced by the fact that MYDX is still having a hard time breaking through the $0.01 mark. But there’s definitely a lot of long-term promise ahead, if the company continues to build out the MyDx platform. For more news on MyDx and other breakout microcap stocks, please subscribe to below.

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