LAS VEGAS, July 10, 2017 /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP), an independent testing laboratory and media firm focused on the burgeoning cannabis market, is pleased to announce that it has both received its recreational testing license and renewed its existing medical testing license alongside the launch of the highly anticipated retail cannabis market in Nevada which began on July 1, 2017.
Nevada's medical cannabis market currently serves just over 28,000 patients that use the plant and its derivative products for the treatment of a variety of maladies. However, with the launch of the retail marijuana market, anyone over the age of 21 with valid identification can purchase cannabis products. This opens the market to a much larger portion of Nevada's 2 million residents over the age of 21, as well as a significant segment of the more than 42 million tourists and convention goers that visit the state annually.
The Nevada Dispensary Association estimated that statewide adult-use sales were between $3 to $5 million in the first weekend. As sales continue to rise, suppliers of cannabis products will be moving rapidly to meet the increased demand, necessitating a much larger demand for the laboratory testing of these products. Similar market shifts occurred with the launch of adult-use cannabis markets in Colorado, Oregon, and Washington State, and Nevada is expected to be one of the largest adult-use markets in the United States by the end of 2018.
Todd Denkin, President of Digipath, commented, "It's really exciting to be a part of history as Nevadans get what they voted for in 2016. The entire medical marijuana community has been working overtime to satisfy this new retail customer base. With the highest capacity and the fastest turnaround time of any lab in Nevada, Digipath Labs is ready for the onslaught of both retail and medical cannabis and cannabis based products."
About Digipath, Inc.
Digipath, Inc. is an independent cannabis testing and media firm that supports the cannabis industry's best practices for reliable testing and delivers cannabis news coverage and education about the cannabis industry. Digipath's two business units are Digipath Labs and TNM News Corp. Digipath Labs™ is working to set the industry standard for testing all forms of cannabis-based products using FDA-compliant laboratory equipment and proprietary standard operating procedures (SOP) to ensure product safety and efficacy. TNM News Corp. has pioneered a cannabis-focused news network, The National Marijuana News, which delivers news, interviews, and education on all things cannabis.
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 Company's need for additional funding, 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.
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SOURCE DigiPath, Inc.