Raising Cannabis Capital 0046: Lyfe

"Raising Cannabis Capital" Series features Lyfe a cannabis technology company.    Dan Humiston speaks with Lyfe CEO and Co-Founder Danny Lairon about being forced to transform their former company and relaunch it as Lyfe.

Produced By MJBulls Media

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Dan Humiston:
Today Show and the following message are brought to you by a former guest. Alt 36 is a cannabis payment solution that's powered by Dash cryptocurrency. To learn how you can take part in their expansion go to all 36 dot com or listen to MJ bulls episode twelve.

Danny Lairon:
Our product is an online community and marketplace for cannabis users. It works in all States domestically. I believe there's 33 of them that allow for either medical or recreational use and what our system does is it conducts seamlessly to every point of sale system on the market.

Dan Humiston:
From Buminit media it's the MJ bulls podcast a show about Raising Cannabis Capital.

Dan Humiston:
I'm Dan Humiston. And on today's show how California legislation created a devastating setback for the successful cannabis company forcing it to completely change course and recreate itself.

Dan Humiston:
Today we're continuing our Raising Cannabis Capital series with Danny Lauren from lyfe. Hey Danny. Thanks for being on the MJBulls Podcast. Thanks for having me.

Dan Humiston:
Well I got to tell our listeners this is kind of a funny story. But before we kick it off today was a beautiful day and I was skiing and I was like oh my gosh I got a two o'clock interview with Danny and at lunch I looked at my e-mails and Danny's LIKE HE DID. AND I GOT TO SOMETHING CAME UP.

Dan Humiston:
I'm LIKE YEAH. WE CAN SWITCH. So I'm sitting in the parking lot at a base in right now after a great day of skiing so Danny thank you for for changing the schedule you gave. You made my day complete so thanks for that. Yeah

Danny Lairon:
No problem it's a great time to be alive today. It was today. That's for sure. Interesting.

Dan Humiston:
We get a ton of people that want to be on the show and a lot of people aren't really at the place yet for the format of this show their businesses aren't quite where we'd like them to be. A lot of startups kind of aren't positive where they want to be when they grow up. You guys although it seems like your startup after I did some research on you you are not a startup this thing. Yeah I mean you may look like a startup but you are a long way from a startup you guys tell the listeners you got where you are right now through some sort of bad luck. Go ahead. You know there's a story for sure.

Danny Lairon:
So it's you know it's just been a fun ride for us. The team has been around now closed for two years.

Danny Lairon:
We started about two years ago in the Mission District of San Francisco. And it was a basic premise that we wanted to be a competitor for even though the company said it was all talkers and country. And it was an on demand platform for medical cannabis users to order cannabis online and then at the end of the checkout process they could click a little box and they could add tacos to their order for five bucks.

Danny Lairon:
We've partnered with local market here. So if you click the talk as box drivers and swing by and grab two street talkers and Adam's your order there is a cool product whose phone companies we grew from San Francisco to to grow to five cities and employees in less than six months. And we got it up to a quarter million dollar run rate. And at that time it was January in California 2018. The new laws came in that we were not going to be able to get grandfathered in for a license. We explored the equity program. We weren't going to make it through there. So it was at that point when we said hey you know we have all of this incredible IP that we did from the ground up. Many of the reasons we had to do that was because as you know nobody will work with you and cannabis forget Pay Pal Shopify. It's just not going to happen. So each time we tried to build something with someone they said no we build it ourselves. So in January February of this year we shut down Target's injuries and we said wow you know we can integrate with every point of sale system on the. We can do this in encryption with compliance metrics. We have all of the I.T. that's necessary to run a marketplace. And you know we're really blessed that we have this incredible design team that I'm hoping we get funded soon so Facebook and Apple to stop trying to steal them for me because we have massively underpaid right now. But their stock was that soon. Yes. So you know we have this sub team that's able to put a beautiful front end and on the front of our product that makes it really feel nice and people really want that additional product. So now we have life our online community marketplace which should launch next week in California or in Maryland. And we're we're really excited about stitcher.

Dan Humiston:
And that's just it's a great story. This is the classic one door closes a window opens or another and you guys were mature enough to see that we got a bad break here but actually it's a blessing in disguise. And I give you a lot of credit for holding the team together because that kind of stuff is enough to still lose a lot of enthusiasm. So let's talk a little bit about what life does how it works and what problems it really is going to be solving for the for the industry.

Danny Lairon:
Sure. So lyfe is is up now on desktop and mobile and our product is an online community and marketplace for cannabis users. It works in all States domestically. I believe there's 33 of them that allow free medical or recreational use. And what our system does is it connects seamlessly to every point of sale system on the market meaning that we can ping in real time all point of sale menus. And I think there's only about a 1 second degree of latency. The big reason we did this is because if you look at the marketplace now people are really upset with the marketplaces that products are out of stock or it's not exactly what's in the picture. What people want is people want to buy exactly what's in the picture. And so we make we facilitate this process. Seamlessly from the dispensaries and then display it on our site for consumers we add value is in the aggregate and create social and digital content to answer questions for people. So essentially you can come to life and you could find out about CBT or you can get recommendations for products out of sleep or you can find out the best new joints can watch Instagram Stories From influencers to see how it made them think and feel. And then at the bottom of all the articles and pictures leveraging location services on device we just slay those products that are available closest to the person reading that article.

Dan Humiston:
Oh okay. So once I say that this is gonna be good for my back and then I say Where am I going to get this and I realize that it's over in this town and I can just go right over it. Great. That would be real helpful. Yeah.

Danny Lairon:
Yeah it's really cool. We try to make it. It's really we're trying to solve the problem of connectivity and convenience and you know right now depending on what town you're in in America legal cannabis might be available to you but you have no idea what all these new products are about. A lot of people don't actually want to go down to a dispensary for a number of different reasons and really they want to do everything else like they do on their phones like they want to watch Instagram so they want to read articles. They want to see how other people felt after using those products read their reviews and then be able to just see that product closest to them and click to buy. And we do that and then send that sales orders information through encryption and compliance to the local this I'm sorry. So we buy product can remain an ancillary platform.

Dan Humiston:
Wanna do a quick thank you to one of our former guests blaze which is a cannabis technology company with software for dispensaries distributors. And coming soon manufacturers and cultivators. Listen MJBulls episode 33 recorded blaze.me to learn how you can be part of their expansion. And now back to the show.

Danny Lairon:
Well in addition to trying to fend off Google and Apple from stealing all your key people and then stealing their key people what you need to grow this thing to scale up to where you needed to be feel like within the next 12 months.

Danny Lairon:
Yes. So we're really really lucky. And we've been developing and building and then bootstraps for the last few years. And we just started our pre seed round there is really difficult for us because I think we were trying to force ourselves into a seed rather than trying to use those metrics and bangs and we're we're just not where we are. There is just starting to get traction and turning on sales so pretty seed round which appropriate for most it wasn't too much and we said what do we need. Hit our goals and get to the next child. So we just got our first angel investor for our 300 K pre seed round. So we need to close that out hopefully by the end of February and maybe sooner. You know that's not us but we're excited are our first angel has given us the resources to bring on the two new developers we needed to activate our revenue streams and to give us the funding we need to partner with influencers.

Dan Humiston:
So if somebody were interested in getting involved or working with you what do they need to do. How do they get ahold of you. What's the process.

Danny Lairon:
Pretty easy get to. danny@lyft is if there is anybody per second that was looking out there I think where our sweet spot right now is still at the usual round and we're not going for millions and it's just not appropriate. And the truth is we just don't need it. We will down the road we take Series A meetings we take VC meetings generally those people say you're too early. They might be right. They might be wrong. I don't know but what we found is people who have an appetite for risk and the 25 to 100 Terry range is really perfect for us.

Danny Lairon:
And we're taking in investment through convertible equity sales documents so hoping all of those people can see in our lives when we raise and converse her this is one of those opportunities that on the surface as I said on the surface if you don't peel back a couple layers you will think this is a true startup but when you really dig in you'll find out that this thing's been around. It's just that you just repackage essentially teams there the management system is there the ideas there. So it's an interesting deal. I normally would say you're not ready to be on the show but in this case as I look deeper I'm like yeah these guys that got it going to face for that I was going to say you know some of the early street back that we've gotten from people has been really kind of what you've said right.

Danny Lairon:
The first they think you know we're at a really early stage. And then when they really peel back the onion they see where we're at in terms of development and the business development deals that we have in place a number of centuries that onboarding to the platform the number and types of integrations that we have people are starting to now tell us that you're a really sophisticated precision company. You know we hope that we can move them to just a normal startup that generates revenue year over the next 90 days.

Dan Humiston:
Oh yeah. And once you start raising money everyone will be like Oh yeah I knew they knew they were going to be great. I think they're going to be great. Yeah I hope so. Yeah. Danny thank you for being on the show. I'll have all of lyfe's information and Danny's contact information on the MJBulls Web site. Gary thanks for being on the show. I think you're onto something. I really do.

Danny Lairon:
Awesome thanks for the time Daniel. Let's get back to skiing.

Dan Humiston:
Thank you.

Danny Lairon:
Just a quick reminder that you can become an MJ MJBulls member for just four dollars and ninety nine cents per month and enjoy exclusive access to companies pitch decks and the MJBulls cannabis capital directory. Joined today at MJBulls.com.

Dan Humiston:
Thanks for listening to the MJBulls Podcast. To learn more about today's guests or to become a guest visit our Web site at MJBulls Podcast.

Dan Humiston:
Today's show is produced by Buminit media with original music composed by Jamie Humiston. I'm Dan Humiston and you've been listening to the MJBulls Podcast.

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