LAS VEGAS, Dec. 29, 2015 /PRNewswire/ -- DigiPath, Inc. (OTCQB: DIGP), the digital pathology and independent cannabis testing and media firm, recently issued a letter to shareholders on the company's many accomplishments in 2015 and its plans to expand its business in 2016. The letter is posted on the DigiPath Inc. blog.
"It has been a year of tremendous growth for DigiPath, Inc. In 2015 we successfully opened a thriving cannabis testing facility, gained an audience of hundreds of thousands for our cannabis news show, and restructured our business units to focus entirely on this rapidly expanding industry," explains DigiPath CEO Todd Denkin in the letter. "We anticipate that we will reap the rewards of our hard work in 2016—the cannabis sector is about to bloom, and we are ready for the harvest."
DigiPath's many accomplishments in 2015 included:
- Opening its first state-of-the-art cannabis testing lab, DigiPath Labs, in Las Vegas
- Testing 250 cannabis flower samples, representing over 1,250 pounds of cured flower from many of the 16 licensed growers
- Performing more than 50 interviews of industry leaders and players on The National Marijuana News (TNMNews), a digital cannabis news show that gets over 150,000 listeners and 400,000 page views per month
- Restructuring the business units to focus resources on expanding DigiPath's thriving medical cannabis testing and media business units, by transferring majority control of Digipath Corp., its business unit focused on digital pathology solutions, to president Steven D. Barbee
- Naming a new Chairman of the Board, Joe Bianco, a business visionary with a background in law and acquisitions who will focus on replicating the DigiPath Labs model into other cannabis-legal states
Looking forward to the coming year, Denkin notes that the cannabis industry is poised to explode, with eleven states likely to consider loosening cannabis laws, and new federal legislation relaxing the enforcement of U.S. drug laws against medical marijuana establishments in states that have legalized medical cannabis.
"DigiPath, Inc., has foreseen these trends and is ready to take advantage of the expanded marketplace and friendlier legal conditions," notes Denkin.
Nevada, the home state of DigiPath, is expected to approve an additional 55 dispensaries and 117 cultivators in 2016 to meet the expected demand of over 500,000 pounds, which represents over 100,000 tests. If voters approve recreational cannabis use, as is expected, Nevada's demand for cannabis products—which must all be tested—will explode.
DigiPath is also actively exploring expansion options in Colorado, California, Illinois, and New York.
"It has been an incredible year of growth and change for DigiPath, Inc., and we are deeply grateful for your support throughout 2015," Denkin concludes. "We are creating a new paradigm for medical cannabis, and we expect that 2016 will be the year it takes hold nationwide. I thank you and the thousands of other shareholders for joining us in this exciting venture, and I will keep you updated regularly as we usher DigiPath into its next phase."
About DigiPath, Inc. (OTCQB: DIGP)
DigiPath, Inc., supports the cannabis industry's best practices for reliable testing, education, and training, and brings unbiased cannabis news coverage to the nation. DigiPath's two business units are DigiPath Labs and TNM News Corp.
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the demand for the Company's products, governmental regulation of the cannabis industry, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting DigiPath, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact: DigiPath, Inc.
SOURCE DigiPath, Inc.