MyDx Inc (OTCMKTS:MYDX) has a nice rally going in 2017 +300% for the year. MyDx started the year as a triple zero sub penny (.003) and rallied back above the penny level peaking at .02 cents in March, coming out of the first quarter with some solid gains. This bounce was on the back of a selloff that started in October 2016 when all stocks in the cannabis sector experienced huge rallies.
Recent action is part of the bounce after the sell off from a nickel (.05) in October. This bounce is related to the fundamental news about sales and inventory. Have a look at the chart below, and review some press the company put out today.
MyDx Inc (OTCMKTS:MYDX) sold out of inventory in Q1 on greater than expected demand for its chemical analyzers, and subsequently ordered 1,000 units retrofitted with the newest 2.0 version upgrades. The new units have approximately 200 components to its bill of materials and are currently undergoing final assembly/QA/QC in its production facility in California. The units will be able to accommodate multiple sensors and advances the device to the next-generation of testing capabilities.
Q1 Sales combined with back-orders and customer deposits outperformed the same period in the previous year and the company looks forward to fulfilling greater demand for its products.
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The company says Cannabis users have no idea what they’re buying or consuming because of the lack of enforcement of standardized industry protocols that have diluted QA/QC in the industry. This represents a serious public safety issue and it could be interpreted that the industry is engaged in false and misleading advertising.
To simplify the current public safety issue that exists, consider the following example. If your intent is to replace Xanax with a certain cannabis chemical profile to alleviate Anxiety, then in order to confirm that “prescription” a MyDx device is needed to ensure you’re getting the appropriate chemical mix and dosage.
To highlight this further, if a doctor prescribes a 0.5mg dose of Xanax and without proper labeling and tracking, you were sold 25mg of Xanax, this would be a serious public health and safety hazard. And this is exactly the current state of affairs in the cannabis industry where having a MyDx device can provide a higher level of assurance of what you’re consuming.
MyDx has advanced its data accumulation, and analytics capabilities by increasing the size and quality of its database and enhancing related software and analytics algorithms. The net result is improved overall device and mobile app performance as well as greater accuracy of CBD value detection among high CBD strains.
MyDx, Inc. (OTCMKTS: MYDX) is a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for the Cannabis professional and retail consumer to correlate the chemical profile of cannabis with its therapeutic effect, and clearly the company is smart enough to create a need for it’s product.
The shares had an unusual pattern during the selloff that many other in the sector did not experience. The price action looked like you had a seller who was getting out at any price and drove shares to the sub penny level. They have shown life recently, and as a new sector, cannabis stocks will have many ups and downs.
The key for these companies is to develop a niche market (which they are doing), and go out and execute everyday and get revenue in the door. The industry multiple is off the charts for cannabis and any revenue will translate to the stock price rewarding investors. These turns are ones to watch in a maturing sector in front of federal legalization. For more news on $MYDX and other fast-moving penny stocks, please subscribe to OracleDispatch.com below.