LAS VEGAS, May 17, 2018 /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP), a service-oriented independent testing laboratory and media firm focused on the developing cannabis market, is pleased to provide this update on its previously announced joint venture to operate a cannabis testing laboratory in Humboldt County, CA.
The Humboldt County project is currently in development; manufacturing labs have arrived on site and full operations are expected to begin by year-end. The site will initially have a conditional city license to operate a lab, with the California State license expected by year-end. The County has granted permission to install temporary facilities for up to 18 months, so that operations can begin as soon as possible.
The cannabis lab will be well positioned to service all Humboldt County growers as well as growers located in neighboring Mendocino County. This is significant, as Santa Barbara, Mendocino, Monterey, and Calaveras Counties account for 74% of the 1,256 cultivation licenses issued so far in California, with Humboldt County alone representing 20% of this total.
Todd Denkin, President and COO of Digipath Labs, commented, "With Digipath Labs currently well positioned in the burgeoning Nevada cannabis industry, we expect this expansion into the California marketplace to drive real value for our company and our shareholders. We continue to look for strategic opportunities to increase our scale, regional diversity and science/technology portfolio."
About Digipath, Inc.
Digipath, Inc. supports the cannabis industry's best practices for reliable testing, 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.
Investor Relations Contact
Viridian Capital Advisors, LLC
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.
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SOURCE DigiPath, Inc.