LAS VEGAS, Jan. 2, 2019 /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP), a service oriented independent testing laboratory, data acquisition and media firm focused on the developing cannabis and hemp markets, is pleased to announce its plans to expand internationally. Colombia is the first foreign market in which Digipath plans to provide cannabis testing for both local consumers and cannabis exporters. Colombia is projected to be a significant cannabis exporter due to its climate and low cost of production and all cannabis products will need to be tested for potency and safety prior to export to any other country.
Colombia formally legalized medical marijuana in 2015. The country has realigned its interests to the export market in its current policy operations and is preparing to produce 40.5 tons of cannabis per year, starting in 2019.
Digipath has retained legal representation in Colombia, hired a local operations manager and is evaluating potential locations. "Clearly, international expansion presents a tremendous opportunity for Digipath and its shareholders," stated Todd Denkin, CEO, Digipath, Inc. "A fully-realized presence in South America could significantly increase our customer base. We expect Colombia to be one of the market leaders in cannabis, hemp and CBD production and are excited about the possibilities."
Through Digipath's Chief Science Officer Dr. Cindy Orser's work in Nevada, Digipath Labs helped pioneer cannabis lab testing protocols and implement one of the nation's most stringent cannabis safety regulations. This commitment to excellence has now positioned Digipath Labs as a market leader in the cannabis lab testing industry. The Company intends to carry the testing standards it has developed and proven in Nevada into these new international markets.
About Digipath, Inc. & Digipath Labs, Inc.
Digipath, Inc. supports the cannabis industry's best practices for reliable testing, data acquisition, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry. Digipath Labs provides pharmaceutical-grade analysis and testing to the cannabis industry to ensure producers, consumers, and patients know exactly what is in the cannabis they ingest and to help maximize the quality of its client's products through analysis, research, development, and standardization.
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.