LAS VEGAS, Sept. 30, 2015 /PRNewswire/ -- DigiPath Labs, the cannabis testing subsidiary of DigiPath, Inc. (OTCQB: DIGP), continues to gain momentum in the medical cannabis community of Nevada. The company's dedication to setting the highest standard of cannabis testing accuracy and reliability is attracting growers, product makers, and dispensaries that want to ensure patient safety and comply with state laws. DigiPath Labs just signed a one-year exclusive contract to test dried plant material for a local grower.
"We're now seeing the payoff for all our hard work of setting up a state-of-the art testing lab and validating testing equipment and procedures," explains Todd Denkin, CEO of DigiPath Labs. "We are getting an enthusiastic response from those in the cannabis sphere who want quick, reliable test results, and we anticipate accelerated growth as the Nevada cannabis industry expands."
Since the Nevada legislature established regulations for a statewide cannabis distribution program in 2014, the rollout has been slow, but it's starting to pick up steam. Three dispensaries are now open, and another 52 have been certified by the Department of Public and Behavioral Health (DPBH), which oversees the program. DPBH has also approved 182 licenses for cultivation and 118 for production, and the law requires testing of all medical cannabis flowers, edibles, and extracts sold in the Silver State. An initiative to legalize marijuana for recreational use will be on the November 2016 ballot and is widely expected to pass, which would make the testing lab business explode.
"We expect that the growth in the Nevada cannabis industry will be exponential over the next few years," says Denkin. "And because Nevada has the strictest testing requirements in the country, everything will need to be tested before it reaches users. These regulations should make DigiPath Labs an essential player in the statewide cannabis community."
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.
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.
DigiPath Labs, Inc.
SOURCE DigiPath, Inc.