LAS VEGAS, Aug. 27, 2015 /PRNewswire/ -- DigiPath Labs, the cannabis testing subsidiary of DigiPath, Inc. (OTCQB: DIGP), today announced that its medical marijuana safety and potency testing services are generating revenue as medical marijuana dispensaries open in Nevada. The company's Las Vegas testing facility is now testing cannabis products for a growing number of cultivators, cannabis-infused product makers, and even other cannabis testing labs.
"We've been working on our diversification strategy since April, 2014, and now our investments in cannabis testing are starting to pay off," said Todd Denkin, DigiPath Labs' CEO. "We've reached a turning point that will benefit our investors and medical marijuana patients all over the state."
Over the last year, Denkin helped DigiPath, Inc., diversify from a global digital pathology solution provider into the burgeoning American cannabis industry. Its DigiPath Labs subsidiary now offers full-service, independent cannabis testing and consulting in the State of Nevada. "We decided to equip the lab with the best and most robust analytical instruments on the market in order to perform as many as 100 tests per day and deliver results in only 48 hours," said Denkin.
DigiPath purposely chose to build its flagship testing lab in Nevada, the state with the most stringent testing requirements in the nation. The company is also working to establish labs in other states where cannabis is legal. These labs will be based upon the model it created in Las Vegas, which Denkin believes has set the gold standard for cannabis labs.
Las Vegas stands to become one of the largest medical marijuana markets in the country since Nevada allows dispensaries to sell marijuana to patients from other states as long as they possess a medical cannabis card or doctor's recommendation. To serve the residents and the 42 million visitors who come here every year, The Nevada Division of Public and Behavioral Health estimates the demand for cannabis next year will be 459 thousand pounds, all of which will be subject to Nevada's testing requirements prior to sale.
State voters, including 118,537 current cannabis users, will vote on legalizing recreational marijuana use in November, 2016. If passed, it could create a cannabis market between $150 million and $300 million in sales, factoring in sales to tourists, according to the financial education publication NerdWallet.
For more information about DigiPath Labs, go to http://digipathlabs.com.
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 three business units are DigiPath Labs, TNM News Corp., and DigiPath Corp. For more information about DigiPath Labs, go to http://digipath.com or call 702-470-2249.
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events, and future financial and operating performance. 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 and services, governmental regulation of the cannabis industry, the Company's ability to attract and maintain customers 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 information 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.