ACT LAB Completes Expansion into Florida

Another Step in Building the Preferred National Testing Company for Leading Cannabis Producers

LANSING, Mich., July 17, 2023 /PRNewswire/ -- ACT Laboratories, Inc. ("ACT LAB"), a leading lab testing company in the legal cannabis and hemp markets, today announced that it has obtained regulatory approval and completed the acquisition of the Florida lab operations and all related assets from Green Scientific Labs Holdings Inc. ("Green Scientific") (CSE: GSL). The addition of Florida places ACT LAB on a path to be operational in eight states in the eastern half of the U.S. by year end.  Each lab is guided by a single, private ownership structure that employs a standardized set of testing methods and procedures that drive efficiency and supply chain predictability across states.

"This acquisition further extends ACT LAB's geographic footprint, deepens our leadership team, and expands our capabilities in cannabis and hemp testing, enabling us to service customers across markets like no one else in the industry," said Michael Drozd, CEO of ACT LAB. "We have all the ingredients in place to become an indispensable, multistate cannabis lab testing partner for cultivators and processors in the United States — unmatched talent, leading capabilities, and industry-setting standards. We look forward to proving that every day to our customers and further expanding our footprint in the coming months."

The company also confirmed that Rafael Bombonato, Chief Compliance Officer and Interim CEO of Green Scientific, is taking on the role of Vice President of Quality for ACT LAB and Diana Asensio, Green Scientific's Lab Director for Florida, will continue in the same role for ACT LAB.

"As part of ACT LAB, we're now positioned to deliver industry-leading turnaround time, a high level of customer service, and a suite of capabilities that no other lab in Florida can match.," said Rafael Bombonato. "In my new role, I'm looking forward to the opportunity to further extend ACT LAB's lead in best-in-class testing methods and setting ever-higher quality standards that can help our customers improve supply chain efficiency and predictability."

Please visit www.actlab.com to learn more about ACT LAB, its Quality Credo, and how its leading the industry in standards development through its "Trust In Testing" program.

Financial terms of the transaction are not being disclosed. ACT LAB is a portfolio company of Intrinsic Capital Partners ("Intrinsic"), leveraging a targeted investment approach focused on life science and technology businesses that address unmet needs across the legal cannabinoid supply chain and strategically overlap with Intrinsic's unique operating network.

About
ACT Laboratories, Inc.

ACT Laboratories, Inc. ("ACT LAB") is the nation's largest, multi-state cannabis and hemp testing network, providing critical lab testing services for licensed cultivators and processors. Our multi-state services are guided by a single, private ownership structure that ensures operational consistency and standardization across our footprint, enabling us to deliver a best-in-class, predictable supply chain partnership for cannabis and hemp brands, and their consumers. Quality and Trust are our hallmarks. Our quality systems go above and beyond the Cannabis Industry requirements, mirroring pharmaceutical industry standards. As co-founders of the "Trust In Testing" program, we are working with other labs, state regulators, and leading cannabis brands to set a higher standard for robust, accurate, and reliable cannabis testing, because we believe consumers thrive where science and cannabis unite. ACT LAB is accredited to the international standard ISO/IEC 17025:2017 for the purposes of cannabis testing, ensuring methods are fully validated and independently reviewed. The company is majority owned by Intrinsic Capital Partners.

Intrinsic Capital Partners

Intrinsic Capital Partners is a Pennsylvania-based investment firm focused on life science and technology businesses within the legal cannabis and hemp industries. The Intrinsic team brings institutional investment discipline and world-class operating experience to build and scale industry-leading companies that address unmet needs across the supply chain.

Intrinsic Capital Partners employs an operator-centric investment model to create a diverse portfolio of leading companies within the federally legal and emerging cannabis and hemp industries.

SOURCE ACT Laboratories, Inc.