Editor’s Note: Med-X recently announced that it has launched a crowdfunding campaign to grow its product line. Cannabis Daily Record asked company COO Matthew Mills to discuss why his business chose that option.
Name: Matthew Mills-COO
Company: Med-X, Inc.
Tell us a bit about your business: Med-X, Inc is comprised of a small group of investors from various professional backgrounds, the medical sector, the California agricultural sector, the financial sector and the Digital Media Sector.
Med-X’s first focus of business is on Research and Development in solving the many issues with Pesticides in Cannabis Cultivation. Our Research and Development has uncovered the following solutions Nature-Cide, All Purpose insecticide and the newly developed Nature-Cide Insecticidal Soil growing medium. These products have had a great deal of testing and Nature-Cide All-Purpose Insecticide is already being used in a number of large scale cultivations in California.
Our second phase of our business is also underway, in the digital media space with The Marijuana Times.
The Marijuana Times digital platform is an educational tool to educate the masses, while helping to uncover an inform the many positive uses for Marijuana in general.
At the same time, the venue is becoming increasingly popular, and will lead to a positive advertising revenue stream for the company in the near future. While also having a great deal of knowledge in cultivation and super critical co2 extraction, parts of the Med-X team has become proficient in both areas. This leads management to expect the Federal government to move Marijuana to a Schedule Two drug in the near future, which could open doors to the Company creating its own “Fine Wine” type brand of marijuana and concentrates.
Why are you in this industry: It was recognized that solid management teams could enable the business in general, thus giving our Company a major opportunity, so we acted!
How did you come up with the idea of crowdsourcing your company: We started Med-X while the Crowdfunding initiatives were going into the LAW, so all along it was our plan to use these new tools that are now in place to “Jump Start Your Business”.
How will this campaign help Med-X grow: Since Med-X, Inc has no debt and a low overhead, the capital raised in the Campaign will immediately be put into marketing our products while raising awareness to our digital platform.
What are the benefits/drawbacks of crowdsourcing a business in the cannabis industry: The major benefit is gathering a crowd from the internet, it’s exciting to see all the people come to our Company and interact with them. The only drawback I can see at this point is that there are some people that do not want us to succeed because, we are the first ones to take on the Jobs Act of 2012 initiatives. Basically, we beat a few people to the punch, and they just don’t like it…
Do you have any advice for others thinking about using this route to fund a business: Be very serious about your mission, its not a simple process, and its not cheap, be ready to spend a lot of time, effort and money to get your company in position.
Did you look at a variety of crowdsourcing options? If so, why did you pick this service and what others did you look at? To us Regulation A+ of the Jobs Act of 2012, was our only focus, as we are aspiring to make it to the public markets and expand the business greatly.
Where can people get more information: Visit https://www.startengine.com/startup/med-x for details.