MJBulls 0022 Gofire transcript
Dan Humiston: [00:00:00] Today's show in the following message are brought to you by Veterans for Cannabis. veterans for cannabis is the leading provider of full spectrum hemp oil. Where ten dollars from every purchase of their one ounce hemp oil goes directly to supporting veterans to offset the costs of alternative medicine. Visit W. W. W. v f c USA Today and support veterans who need access to cannabis medicine.
Peter Colfee: [00:00:28] You know we are the Waze meets Yelp in the alternative health space. And obviously that's that's a large burden to carry and it takes some dollars to get that bus moving and make everything come to fruition the way we want it to.
Dan Humiston: [00:00:48] From Buminit media it's the MJ bulls podcast a show about raising Cannabis capitol
Dan Humiston: [00:00:57] I'm Dan Humiston. And on today's show how Peter Coffey's company go fire's idea for a unique cannabis delivery system morphed into something that no one could have imagined.
Dan Humiston: [00:01:17] Today we're joined by Peter colfee The CEO of Go fire. Peter thanks being on the MJ bulls podcast.
Peter Colfee: [00:01:23] Dan I really appreciate you taking the time to look into the conversation.
Dan Humiston: [00:01:27] Me too. Me too. I want to talk about the complexity of cannabis because that has a lot to do with your company what you do. There's an unlimited potential because of how complex it is. But the bad news is that complexity makes it very difficult for people to prescribe cannabis because there's not like a one size fits all. Can you explain how this complexity becomes both a blessing and a curse.
Peter Colfee: [00:01:48] Yeah of course you know with this planet it's one of most complex plants out there we're dealing with upwards of 700 different chemical compounds contained within the plant and cell the goal here is how do you create a consistent repeatable experience so we start thinking about bringing this plant into the pharmaco as a potential mainstream medicine.
Dan Humiston: [00:02:09] It's not just the plant it's also that delivery method the way that you ingest it whether it's smoking or taking gummies or vaporizing your body responds different to those two. So all of this stuff has to be factored in when you're making these decisions. You guys went with an inhaler. Explain why an inhaler versus another delivery method.
Peter Colfee: [00:02:28] The first thing we went to tackle was the ability to create a consistent dose. So our first prototypes we were able to achieve that it was actually easier easier than we expected. But then all of a sudden we realized that we only had half the picture we were missing again not just knowing how much we are taking your body but also a one that's when we came out with that again that what we call the smart cartridge and that's a little microchip that's been on the back of our cartridges for metered dose inhaler and communicates back to our servers. The chemical profile what's contained within that specific product when we made that jump to the smart technology the technology we realized again that we needed an app that would act as a conduit to speak to the server. Now when we started developing that app we realized this could also be a place for the consumer or the patient to actually Journal what products are working best for them and rage on a five star rating scale. How well different products are working for each specific ailment or use case from there again. We took the mentality of Waze this idea of how do you build a community of individuals who are willing to give feedback to their neighbors and to their community. which products are working best and why. Now I can just go in and I can search for pain insomnia anxiety PTSD. It will actually generate and populate what products are available within my specific area that work best for those reasons.
Dan Humiston: [00:04:00] Just a quick thank you to one of our sponsors Bridge West LLC is one of the first accounting firms in the world to focus solely on the cannabis industry. It is your one stop provider for accounting audit tax and advisory service. They're offering a free 30 minute intro call to one of their leadership teams to all MJ bulls listeners go to bridge west CPA .com and now back to the show.
Dan Humiston: [00:04:25] I saw on your website that you don't just track information it's coming from the inhaler. You're also tracking through. You call it the DOSe code people's activities with other products. Tell us a little bit about that.
Peter Colfee: [00:04:37] That's correct. The ideas that we put a little code on the packaging on all on all these other products in the marketplace. And you can go in and purchase the product and then on that product they'll be a little code and you can scan in that code and then you can rate tax that product.
Dan Humiston: [00:04:52] You also are providing the physicians with this data you're aggregating all this data and you're providing it in a physicians portal a little bit about that.
Peter Colfee: [00:05:00] So when the physicians portal how the system works is that patients rating each product on a five star rating. Did it work for my insomnia. Did it work for my ptsd etc.. Right. So we actually do and again all real time we can actually notify that physician if that patient is showing a low efficacy of the products not working. So now instead of that patient having to wait for the next time they're going to see their position. Let them know that physicians sits down at their computer opens up the portal and you might have a 100 page on the platform and sees a little exclamation point next to a couple of those patients that again are either showing low accuracy or were overconsuming or even might have missed a dose when opportunity then rejects that patient to correct the problem. we're treating this ecosystem of feedback that physicians also has a guide to help them figure out which product they should point their patient to and then what dose might be most efficacious for the specific situation.
Dan Humiston: [00:05:59] So wait a minute you have all this data but there's so many other things that you could do with this data and it's so valuable to everyone what's your plan with all this data.
Peter Colfee: [00:06:07] If you look at any other industry the most valuable data that's out there are the consumer used data sets. So it's completely anonymous. But what we're able to do is throughout this information there's data aggregation platform. We're actually able to start seeing insights into market use trends as well as again the essential pharmacodynamic this plant how these specific chemical compounds are working for different consumers and patients to solve a problem. Being able to own the consumer use data in the space is a pretty incredible place to be and I'll be candid we did not realize what we were walking towards as you're walking there but again just having access again for the first time we are the only company that's able to collect efficacy data. The market news trends market research and again the benefits for this funnel this information again it's completely anonymous that we can funnel this information back to the manufacturers back to the retail locations back to the consumers obviously to help them find better products to market to a specific need or Alleman. And obviously the advertisers as well. So we can start to identify where to best spend our dollars as businesses within the space
Dan Humiston: [00:07:26] You know I started to say a minute ago this is a great idea but it's way beyond an idea. You've done all the hard work everything in place right now. Where do you go next.
Peter Colfee: [00:07:35] So as of right now we're on the very tail end of our third round of funding we raise today a little just over 4 million dollars. We will be opening up our next round of funding here in the next couple months because really again you know our work just allows us to scale into Canada continue to scale in the U.S. bring into Europe and allow again that scaling our supply chain. We are the waze meets Yelp's or the alternative health space and obviously that's a large burden to carry and it takes some dollars to get that moving and make everything come to fruition the way we wanted to.
Dan Humiston: [00:08:09] Well we've been speaking with Peter colfee the CEO of Gofire. Their information is on the MJ bulls will be on the MJ bulls website . If someone is interested in investing in gofire who's the point person on this one.
Peter Colfee: [00:08:22] As of now I'm the one that's handling all of the Investor Relations and reach me by email e-mail add Peter@Gofire.com
Dan Humiston: [00:08:32] I can't wait to watch this thing play out. Thanks so much for sharing this with us today.
Peter Colfee: [00:08:37] Dan it's an absolute pleasure. We're looking forward to the future and I'd say we're just getting started.
Dan Humiston: [00:08:42] Me too. I think you're just getting started here as well.
Dan Humiston: [00:08:44] Good luck.
Dan Humiston: [00:08:48] Hey just a quick reminder that you can become an MJBulls member for only four ninety nine a month and enjoy exclusive access to companies information like their pitch decks and investment opportunities. Sign up today at MJBUlls.com
Dan Humiston: [00:09:03] Thanks for listening to the mjbulls podcast to learn more about today's guest or to apply to be a guest. Visit our website at MJbulls and if you like our show give us a review on iTunes. Today's show is produced by buminit media. I'm Dan Hamiston and you've been listening to the MJBulls podcast.
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