LAS VEGAS, June 11, 2015 /PRNewswire/ -- DigiPath Labs of Las Vegas, the cannabis testing subsidiary of DigiPath, Inc. (OTCBB andOTCQB: DIGPD), successfully completed its first commercial test of cannabis material. In the short time it's been open, the company has already proven that it has the equipment and knowledge needed to reliably test medical cannabis for safety and potency.
"We are open for business," said Todd Denkin, president of DigiPath Labs. "It's been a very long and arduous process, but we jumped through all the hoops and cleared all the obstacles, and now we're testing cannabis products and generating revenue, an important milestone to our shareholders."
As one of only two labs currently operating in Southern Nevada, DigiPath Labs is positioned at the forefront of what is anticipated to become a rapidly growing industry in the Silver State. According to ArcView, the legal cannabis market exploded from $1.5 billion in 2013 to $2.7 billion in 2014—a 74% increase in just one year.
Greenwave Advisors estimates that the market could reach $35 billion by 2020 if marijuana is fully legalized across the country, or $21 billion under the more likely scenario of 12 states legalizing recreational use and 37 states legalizing medical use.
States are increasingly requiring cannabis product testing to quantify cannabinoid and terpenoid levels, and to ensure the products do not contain potentially unsafe levels of contaminants, such as pesticides, mold, insects, heavy metals, and solvents. Of the 23 states that allow medical marijuana use, eight currently require testing, and five other states are now considering testing legislation.
"We don't see any other industry experiencing this level of growth," notes Denkin, "and we're very excited about the future."
About DigiPath, Inc.
DigiPath, Inc., supports the cannabis industry's best practices for reliable testing, education, and training, and brings unbiased cannabis news coverage to the cannabis industry. DigiPath's four business units are DigiPath Labs, TNM News Corp., DigiPath Corp., and DigiPath U.
For more information, go to www.digipath.com.
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, the introduction of new products, 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 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.
Contact:
DigiPath, Inc.
Investor Relations
(702) 209-2429
[email protected]
Logo - http://photos.prnewswire.com/prnh/20140605/94753
SOURCE DigiPath, Inc.
Share this article