MyDx announces third-quarter earnings

Personal cannabis analyzer MyDx posted their third-quarter earnings report, their first after transitioning from development to a fully operating production company.

MyDx reported earning their first revenues of $219,180 in the third-quarter of 2015, generated almost exclusively from online sales. The organization has also reduced their operating expenses by over 30 per cent.

Founder and CEO Daniel Yazbeck said the goal of the MyDx was to bring quality control to cannabis users who previously couldn’t consistently find a strain that worked for them.

“We then learned about pesticides and the vision that is MyDx was born to empower consumers everywhere to trust and verify what they put into their minds and bodies,” wrote Yazbeck in a letter to investors.

Since beginning operation in 2013, the MyDx has released to the public and offers the first battery operated, handheld, chemical analyzer for consumers. The device detects chemicals in marijuana to reveal chemical composition via a bluetooth connection to the user’s phone.

Since launching, MyDx users have generated close to 20,000 data points.