Endexx to Develop Smart Glasses Based Compliance Solutions for the Cannabis Industry
Company Working With Vuzix to Develop Application Based On M3Hub ‘Seed to Sale’ Inventory Tracking and Management Platform Utilizing Vuzix’ M100 Smart Glasses
Cave Creek, AZ / ACCESSWIRE / November 5, 2014 / Endexx Corporation (OTC Pink: EDXC) (EDXC), a provider of innovative medical marijuana management and technology solutions (m3hub), announced today that it has signed agreements with Vuzix Corporation (VUZI) with the intention to create and complement a compliance based solution for the cannabis industry with an application for its Smart Glasses. The application will be developed based on Endexx’s m3hub “Seed to Sale” inventory tracking and management platform and will integrate with the system for full optimization. This collaboration addresses an estimated $1.5 billion medical marijuana market that is rapidly growing and forecasted to rise to $5 billion by 2016. The application is currently in the initial testing phase.
Vuzix is a leading supplier of Video Eyewear and Smart Glasses products in the enterprise, consumer, commercial, and entrainment markets. The Vuzix M100 Smart Glasses are the world’s first commercially available hands free display and wearable computer designed for enterprise users. The M100 contains a virtual display with an integrated camera and a powerful processing engine, running Android(R) to wirelessly connect via Bluetooth or WiFi directly to most standard networks or to a smartphone or other compatible device and the M100 is compatible with iOS devices such as the iPhone and iPad. The M100 is designed to run applications in standalone operation or connected to the internet, and works with thousands of existing applications. Vuzix M100 is being put to work in the enterprise markets by giants like SAP and Lenovo, the world’s largest PC vendor, along with many other leading companies.
Medical marijuana is not a new market but a developing one and since legalization has evolved into a billion dollar market. The medical marijuana space is maturing and transforming into an acceptable and lucrative business. Assurance that producers and distributors are compliant is key to developing and maintaining both compliance with regulations and integrity in the marketplace. Nationwide, there are over 2.5 million registered medical marijuana patients.
Endexx’s m3hub platform is the first standardized industry tracking platform for the medical marijuana industry that is adaptable to maintain compliance with the laws of state and local regulatory bodies and provides oversight capability to local administrative and enforcement divisions. The “Seed to Sale” process brings pharmaceutical grade compliance and standardized technology solutions through integrated services and products. The easy to use Cloud based “Seed to Sale” inventory tracking and management platform for the marijuana industry increases business workflow and tracks the supply chain, provides CRM, automation, geo synchronization, sales management, merchant processing, inventory control, quality assurance, compliance support, complex retail and medical POS integration. M3Hub generates manifests, reports, physician, patient and client management in a highly secure HIPAA-compliant cloud based environment.
Endexx’s custom made application for Vuzix’ M100 Smart Glasses will integrate with the m3hub and sync with the processing of inventory, tracking, merchant processing and in other areas that it is needed. The mixture of the m3hub and the M100 is a revolutionary way of doing business, which will cut costs for retailers and merchants while maintaining the highest compliance standards in the industry. The collaboration will streamline the medical marijuana space and maximize an already efficient system. The application will also work with Endexx’s AutoSpense(TM) and M3 Mini(TM), which are industrial grade automated inventory control and dispensing solutions that improve profitability, accountability, security and customer satisfaction. In addition, these solutions will increase productivity and reduce costs for marijuana retailers, while enhancing the quality of their service by drastically reducing transaction time for customers.
“We are very excited to work with Endexx and bring about a new solution to a booming industry that is in need of technology improvements and tools to maintain compliance standards,” said Paul Travers, President and CEO of Vuzix. “The m3hub is the ideal solution for retailers and medical practices. Our collaboration will help create better efficiencies in a very lucrative market.”
“We look forward to fully integrating this new compliance solution into our m3hub,” said Todd Davis, Founder and CEO of Endexx Corporation. “Working with the Vuzix team and wearable technology is creating cutting-edge solutions and improvement to our existing “Seed to Sale” platform. The medical marijuana industry is highly regulated and compliance is especially critical. With implementation of the Smart Glasses and our proprietary application, it will set us even further apart from other companies and put as at the forefront of the industry. As we look to develop our infused edibles or Cannsumables((TM), we also will rely more heavily on the technology that Vuzix has created.”
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment markets. The Company’s products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 39 patents and 10 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2014 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (VUZI.QB) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.
Endexx provides innovative medical marijuana management and technology solutions. The company has two products that launched in the first half of 2014 – the m3hub and the Autospense(TM). Both products provide essential solutions to promote regulatory compliance and full accountability through “Seed to Sale” inventory management and tracking. Based on principles developed by the pharmacological industry, the m3hub database is the first standardized software platform for tracking pharmaceutical grade marijuana to support a Centralized Medical Marijuana Industry Repository and maintain compliance with the laws of the federal government and state and local regulatory bodies. The Autospense(TM) is a high-tech marijuana inventory control and dispensing machine, which provides up to the minute accounting details and protects the security of the product as well as the patient. By automating the dispensing process, Autospense(TM) increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers.www.endexx.com, www.m3hub.com, www.autospense.com.
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For further investor and media information, contact:
Todd Davis, Chairman & CEO
SOURCE: Endexx Corporation
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