LAS VEGAS, June 10, 2019 /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP), a service-oriented independent testing laboratory, data analytics and media firm focused on the developing cannabis and hemp markets, is pleased to announce that The Nevada Department of Taxation has reported marijuana sales results for 2018 and 2019 to date here; showing a continuing increase in volume in the state. This corresponds with the increased demand Digipath is experiencing for its governmentally required cannabis testing services in Nevada.
In March alone, the State of Nevada reported record cannabis sales of just under $60 million. March is historically a stronger month for legal marijuana transactions with 31 days, and this year had five weekends. March sales surpassed February results for record average sales of $1.9 million per day. Recreational sales were $53.6 million, up $11.1 million from February, while medicinal sales were off by $800,000. Overall, March 2019 sales grew by 20% compared to March 2018.
Digipath's sales volume increases are reflective of Nevada's overall results, with Digipath's March 2019 revenues increasing by 20% from February 2018.
"The continuing increase in cannabis sales in Nevada validates our business model," stated Todd Denkin, CEO, Digipath, Inc. "As one of the most trusted testing labs in Nevada, we directly benefit from increased cannabis sales in the State. As Nevada matures as a market and with our initial Research and Development well behind us, we believe Digipath is prepared to scale rapidly and elegantly," added Denkin.
About Digipath, Inc. (OTCQB: DIGP)
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.
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.
SOURCE Digipath, Inc.