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NextRX Inc.

Creators Of The Rewarding Membership Network For MMJ Patients.
Invest

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Minimum target reached (accepting oversubscriptions)

min$20k

max$100k

funding goal 

Reg CF

exemption used 

$2,000,000

pre money valuation 

$100.00

min investment 

$26,632

amount raised 

32

investors 


Security Type
Common Shares
Non-Voting (Class B)
Discounted 18%
$2 per Share @ $2 Mil Valuation
Min. $100 Investment
Max. Raise $100,000
Bonus

For $100 invested: Get the VeriPAss
For $300 invested: Get one RX Grinder
For $500 invested: Get the RX Grinder personalized

 

Note: The Bonus has no relation to the equity investment offered and/or its value.

Pitch

Who are we

 

We are “The Rewarding Membership Network” for Cannabis Dispensaries. We developed an innovative RX-System making registration and check-in for medical marijuana patients more secure and convenient where patients earn points for their purchase that are as good as for cash at all subscribing dispensaries. Think miles for pot.

 

 

Problem

NextRX solves global problems plaguing the Medical Marijuana (MMJ) industry.  Currently, the MMJ patient registration process is insecure, inconvenient, and unrewarding. 

  • The MMJ patient registration process is insecure because the patient records are locally stored with different dispensaries. 
  • The registration process is inconvenient because of the paper-based, time consuming registration process for MMJ patients. 
  • The MMJ patient registration process is unrewarding because the only loyalty programs are tied to individual dispensaries and are paid to the MMJ patient in product. 

NextRX solves these problems with its RX-System. Next RX offers a paperless software solution that makes MMJ patient registration smooth, seamless and secure, and provides loyalty program rewards across multiple dispensaries.

Solution

How it works

An MMJ patient registers with NextRX at a participating dispensary by producing a California driver’s license as proof of identity  and a valid MMJ Patient Recommendation. The patient then signs the dispensary user agreement online at an RX-Pass kiosk. Once this process is complete, NextRX issues the patient an RX-Pass or RX-VeriPass, with a unique number identifying the patient.  The Pass can be in the form of a sticker that can be placed on the Recommendation, a QR code that can be placed on a mobile phone, a physical wallet-sized card or the premium RX VeriPass, which includes a copy of the Recommendation as well as the RX-Pass number.

The patient can use the RX-Pass to register and check-in with participating dispensaries, reducing registration time and check-in time.

 

 

Participating dispensaries use NextRX’s database to manage patient records, monitor inventory, keep track of patients’ purchases and issue and redeem loyalty reward points.  NextRX is the only provider of an industry-wide rewards system. 

This system will have the appropriate security that will provide HIPAA compliant Data Management. 

The Next-RX system is free to patients using the RX-Pass. We anticipate charging for the RX-VeriPass although we are currently offering this service free. We intend to generate revenues by charging the dispensaries a monthly fee.

 

 

Achievement & Traction

We have already built a network of about 16,000 patients through a few beta user dispensaries. 

Our solution works and it is ready to be deployed to more dispensaries.

Market

According to ArcView the market for Cannabis use might reach $20 billion by 2020. However, right now there are only 28 states that allow medical use of Cannabis, therefore the potential market for medical Cannabis will only grow as more US states will smarten up and permit Cannabis use (even if only for medical use).

Below map shows the wide use of Cannabis (2014) despite the prohibition period.

Credit: Anita Rahman/Live Science

Competition

Our competitors include MJFreeway, Greenbits, IndicaOnline, EAzeMD/HelloMD and WeedMaps.

We believe that our patient focus separates us from our competition.

OUR ADVANTAGES

Our advantages to patients are:

  • Patient check-ins: Through our RX-Pass stored as an app on the patient’s phone.
  • Patient shopping: Easy access to our dispensary platform, which will include detailed menus and promotions from our subscribing dispensaries.
  • Patient rewards:  Patients’ RX-Passes will allow them to accumulate rewards points that you can redeem at RX-Pass subscribing dispensaries.

Our advantages for dispensaries:

  • A patient management platform: Faster and easier patient registration, check-in and tracking.
  • Loyalty rewards program: Dispensaries are able to manage their issuance and redemption of loyalty program awards.
  • Inventory solutions: Our RX-Pass POS inventory management solution can be used for basic tasks like inventory control and sales reports, or for advanced analytical features such as peak hours, customer trends, and more.
Business Model

We currently offer two pricing plans to dispensaries: 

  • RX-Pass Essentials offers SaaS that includes paperless patient files, digital user agreements, accelerated first-time registration, accelerated return check-in and is compatible with point of sale software. This costs $149 a month.
  • RX-Pass Essentials Plus offers all the elements of Essentials, plus the ability to issue and accept RX Points under a loyalty program. This costs $199 a month. Dispensaries also pay for the cost of our hardware.
Team

Ralf-Rainer von Albedyll

Ralf-Rainer von Albedyhll is our co-founder and CEO. He is a serial entrepreneur with over 12 startups under his belt. Most of his companies were engaged in the watch industry (EuropaWatch.com, TimeExpressions and iTime to name a few) while others engaged in software like Logistiques and eShox. He has not had any other employment in the last 3 years.

Ralf is a graduate of Duke University, where he studied history and political science before embarking on his entrepreneurial career.

 

Oliver Mandt-Rauch

Oliver Mandt-Rauch is our co-founder and President, a position he has held since September 2015. He is currently studying management science and business at University of California San Diego. While an undergraduate student he worked as a courier since July 2015 for Postmates and from June 2014 to July 2015 he worked for Chaya as an Accountant/Marketing Assistant.

Ralf-Rainer von Albedyhll and Oliver Mandt-Rauch are father and son.

Use of Funds

We will be using the money raised for:

  • Software Development & Licenses
  • Operations, Sales & Marketing
  • Sales & Marketing

By spending money on the above areas we know we can turn the test dispensaries into paying customers.

Updates

Ralf-Rainer Von Albedyhll
Ralf-Rainer Von Albedyhll9 months ago

We are pleased to announce that the NextRX's campaign video has been accepted for the NextGenCrowdfunding's Video Awards. Win or lose it's great exposure for our campaign.

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Q&A


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Dean Hawkey
Dean Hawkey - Investor9 months ago
When I first started investing in MMJ I had bought into Tweed in Canada (currently Canopy Growth Corp). Everything was great until an article came out saying that investing in MMJ as a US citizen is essentially money laundering by definition to the feds. This of course caused me concern so I called my broker. He had not been aware of the claims and checked on it with their legal team. He got back to me and stated that by law, it could technically be interpreted that way, however it would be nearly impossible for them to prosecute due to the complexity of trying to prove intent and the fact that these transactions were on the Canadian exchange.
I had initially pulled my investments out, but over time my fears subsided and now I am heavily invested. However I have still been cautious about entering the US market as a US citizen living in a state where it is not yet legal. So with the thought of a rogue Trump presidency and a vocally outspoken US attorney general stating they expect increased enforcement of federal laws against recreational marijuana. What can you offer to ease some of these concerns.
I realize you are dealing with MMJ over recreational here. But there are still obvious legal issues this nation faces when it comes to state vs federal laws.
Ralf-Rainer Von Albedyhll
Ralf-Rainer Von Albedyhll - Issuer    
Thanks for the comment, Dean.

In fact, we are an ancillary Cannabis business, that is, we do not touch the plant, we do not need any "marijuana license" to function. That gives plenty of separation of what the Administration can do. In the worst case, NextRX will remain without any customers, but, from what I know, the investors are safe.

Maybe you might want to ask your broker again.

Thanks again for your interest.

7 months ago
Jer Trihouse
Jer Trihouse - Investor9 months ago
I like your idea BUT I lack this insight. 

I'd like to hear more from the dispensary owner using your product about how your platform truly solves a friction point for the dispensary owner. 

Also, please explain how you arrived at the $2M valuation? 

NOTE: I did review all the Docs regarding the various valuation analytics.  # dispensaries signed up? How long you've been "live?"

 FINALLY and most important to me, I get this is great for the consumer. But having invested in dispensaries already, why would a dispensary want to "share" their client/patient base with other dispensaries? 

Dispensary owners want to keep their client base "captured," right? What am I missing? 

Thanks, Jer - 
702-208-6736 I'm in So. Calif.
Ralf-Rainer Von Albedyhll
Ralf-Rainer Von Albedyhll - Issuer    
To answer your questions - 

1) The system is currently deployed at HPPC in L.A. For them it solves a very obvious challenge both with patient registration - which is now digital and paperless - but above all with Check-in which now happens in a matter of seconds as they simply scan patient's RX-Pass. They have used it for over a year and love it.

2) We went live with HPPC Nov. 2015.

3) Strictly speaking dispensaries are not particularly keen to share their patient info. However, they do understand the benefits of the network which is what the RX-System is ultimately all about which is why we call it the Rewarding Membership Network. It's a trade off in that the larger the network grows the more all participants benefit. It's similar to mileage programs - AmericanAirlines for example certainly has plenty of flights and passengers. Why did they create an alliance with other airlines? Ultimately because for passengers it creates a much more compelling experience. The RX-System seeks to provide the same benefit for patients.

9 months ago

Company

About Company
Name NextRX Inc.

Sectors Software/Media

State of formation/incorporation Nevada

Year of formation/incorporation 2015

Location Las Vegas, Nevada
Team
Main contact
  • Ralf-rainer Von Albedyhll
  • CEO


Executive Team
  • Ralf-rainer Von Albedyhll
  • CEO
  • Oliver Mandt-rauch
  • PRESIDENT


Board of Directors:
  • Oliver Mandt-rauch
  • DIRECTOR
  • Ralf-rainer Von Albedyhll
  • DIRECTOR

Online Presence
Facebook page https://www.facebook.com/nextpitchLA/

Linkedn page https://www.linkedin.com/in/ralfm

Twitter page

Google+ page

Documents

Start-up Valuation View Download
Form C/A and Offering Statement View Download
NextRX Pitch Deck View Download

Other Disclosures

Read the Form C filed with the SEC for other important disclosures, like financial statements, Directors, Officers, shareholders with more than 20% of voting rights, and more
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