MED-X, INC.

General Information
Business:

We are currently primarily engaged in the business of supplying environmentally friendly health and wellness products to various industries, including but not limited to the professional pest control industry, over the counter pharmacies through distribution partnerships, as well as directly to consumers. (Incorporated in Nevada)

We strive to be perceived as a health and wellness company offering a series of all-natural and environmentally friendly “green” products and service protocols to other companies and consumers who are also looking to reduce exposure to chemicals and toxins in their personal lives and communities. Our primary source of revenue is derived from products offered through the following four separate divisions and trade names: Nature-Cide, Thermal-Aid, Malibu Brands and Advertising. In 2020, Nature-Cide sales accounted for approximately 61.2% of our total revenue, Thermal-Aid approximately 38.2% of revenue, Malibu Brands approximately 0.2% of revenue and Advertising approximately 0.4%. In 2021, Nature-Cide sales accounted for approximately 56.6% of revenue, Thermal-Aid approximately 40.7% of revenue, Malibu Brands approximately 2.2% of revenue and Advertising approximately 0.5% of revenue.

Nature-Cide products are all-natural essential oil blends to be used for indoor and outdoor pesticide, insecticide and/or as a repellent. Nature-Cide® products are currently being deployed within multiple industries, including professional commercial and residential pest control, turf care, janitorial, hospitality, transportation, vector control, as well as school districts and agriculture, including the cannabis and hemp industries. Our Nature-Cide® division products have one licensed patent, which is a composition of matter and method patent, and some of these products are made according to our own unique formulations.

Second, our Thermal-Aid® division offers a line of all-natural products which are based on a clinically proven and patented therapeutic heating/cooling modality specifically designed for the medical field to reduce swelling, for therapy and to relieve various pain issues affecting adults, children and animals.  The Thermal-Aid® product lines consist of our basic heating and cooling packs, the Thermal-Aid Zoo® and the Thermal-Aid Headache Relief System®. We have three licensed utility patents for our Thermal-Aid® products.  

Our third product division is Malibu Brands which has developed an all-natural topical homeopathic cream product designed to treat aches and pains and stimulate overall personal health and well-being. This all-natural essential oil pain management cream is based upon the patented formulation in the Thermal-Aid Headache Relief System®.  

Nature-Cide® and Thermal-Aid® products are currently available via third-party wholesale distribution outlets positioned around the United States.  We also make the Nature-Cide®, Thermal-Aid® and Malibu-Brands products available directly to consumers through various online marketplaces including Amazon.com, Walmart.com, Kroger.com and our own websites, www.medx-rx.com, www.nature-cide.com. www.thermal-aid.com, and www.malibu-brands.com.

We are currently conducting extensive research, development and testing of a newly formulated solution derived from our Nature-Cide All Purpose Commercial Concentrate product. Our anti-mosquito solution formulation has been in field and laboratory testing since late 2020 and is currently undergoing efficacy and toxicity tests to qualify for state environmental protection agency registration for the domestic markets, as well international registration for export. This process is lengthy and could take until early 2023 to prepare what is needed to begin the regulatory approval process.

**Note: Revenue and net loss figures are for the 12 months that ended June 30, 2022.

Company History: Med-X, Inc. was incorporated in Nevada in February 2014 in order to originally engage in the following businesses: (a) publishing content about the cannabis industry for industry participants and the general public through our online publication, The Marijuana Times, which has been publishing articles since 2015, (b) growing and selling cannabis on a wholesale basis, initially for the California medical cannabis market, which business the Company may engage in if the federal government declares it legal to do so, (c) supplying related agricultural products to growers of agricultural products, which the Company is already engaged in by supplying its Nature-Cide pest control products to growers of agricultural products, which may include cannabis and hemp cultivators through the Company’s distribution venues, and (d) developing and selling commercial medicinal supplements based on beneficial compounds extracted from cannabis if the federal government declares it legal to do so. Because the federal government has not de-scheduled marijuana and the U.S. Food and Drug Administration (“FDA”) has not clarified its position with respect to non-tetrahydrocannabinol Cannabidiol (“CBD”) products, the Company has not moved forward with engaging in the originally contemplated businesses relating to cannabis and CBD products.

On April 16, 2018, we completed a merger with Pacific Shore Holdings, Inc. (“PSH” or “Pacific Shore”), our 99% owned subsidiary (the “Merger”). 

(Note: Med-X, Inc. cut its IPO’s size to 1.15 million shares – down from 2.13 million shares – and raised the price range to $4.00 to $6.00 – to raise $5.75 million, in an S-1/A filing dated Oct. 27, 2023. On Aug. 11, 2023, the company entered into an agreement with Maxim Group for Maxim to become the underwriter. This was after R.F. Lafferty & Co. withdrew as the lead underwriter, the SEC filings show.)

(Note: Med-X,  Inc. changed its underwriter to R.F. Lafferty & Co. Inc. as the sole book-runner to replace EF Hutton and Craft Capital Management, joint book-runners, according to an S-1/A filing dated May 15, 2023. Background: Med-X, Inc. revamped its IPO again in an S-1/A filing dated Oct. 26, 2022, by once again increasing the number of shares – to 2.13 million shares this time (2,125,000 shares), up from 1.69 million shares (1,686,747 shares) previously, and this time, by cutting the assumed IPO price to $4.00 – down from its previous price range of $4.00 to $4.30. Estimated IPO proceeds: $8.5 million, up from $7.01 million under the previous terms. Med-X also added Craft Capital Management as a joint book-runner – joining EF Hutton – in its Oct. 26, 2022, filing with the SEC.)

(Note: Reverse stock split – On Oct. 21, 2022, Med-X, Inc.’s board of the directors approved a 1-for-60 reverse stock split of its outstanding common stock effective immediately following the effective time of the registration statement of which this prospectus forms a part but prior to the listing of our common stock on Nasdaq and the closing of this offering.

(Note: Med-X, Inc. cut its valuation by 78 percent – to $18 million from $81 million – with its new terms on Oct. 26, 2022, and its 1-for-60 reverse stock split.)

(Note: Background on the IPO’s previous terms: On Sept. 19, 2022, Med-X, Inc. revised its IPO in an S-1/A filing by removing the warrants and increasing the number of shares to 1.69 million shares (1,686,747 shares), up from 1.56 million shares (part of the 1.56 million units) previously, at a price range of $4.00 to $4.30. The assumed IPO price remained the same: $4.15, the mid-point of the range. The IPO’s estimated proceeds – under the new terms: $7.0 million. Previously: On Sept. 8, 2022, Med-X, Inc. disclosed these IPO terms in its S-1: 1.56 million units (1,556,265 units) at an assumed IPO price of $4.15 per unit to raise $6.46 million. Each unit consists of one share of common stock and one warrant to purchase one share of our common stock. The confidential filing was dated Feb. 10, 2022.)

Industry: Natural pesticides & insect repellents
Employees: 16
Founded: 2014
Contact Information
Address 8236 Remmet Avenue Canoga Park, California 91304
Phone Number (818) 349-2870
Web Address https://www.MEDX-RX.com/
View Prospectus: MED-X, INC.
Financial Information
Market Cap $26.85mil
Revenues $1.40 mil (last 12 months)
Net Income $-7.58 mil (last 12 months)
IPO Profile
Symbol MXRX
Exchange NASDAQ
Shares (millions): 1.2
Price range $4.00 - $6.00
Est. $ Volume $5.8 mil
Manager / Joint Managers Maxim Group
CO-Managers
Expected To Trade: 6/21/2023
Day: Wednesday
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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