LAS VEGAS, Nov. 7, 2018 /PRNewswire/ -- Digipath, Inc. (OTCQB:DIGP) a service-oriented independent analytical testing laboratory and data firm focused on the burgeoning cannabis market, is pleased to announce that the company is scaling its proprietary testing services for the rapidly growing Nevada hemp industry.
Digipath Labs, Digipath's wholly owned subsidiary, is seeing a dramatic increase in hemp production and testing necessity, creating another significant market opportunity for the well positioned, Nevada-based company.
The Nevada hemp market is a rapidly growing opportunity for the Company as some Nevada growers are expanding their production, or otherwise participating to a higher degree. An article from The Nevada Independent earlier this year affirms said boom in hemp output, reporting that Nevada has certain agricultural advantages and that Nevada hemp sells for significantly more than Colorado hemp. According to the data from the Nevada Department of Agriculture, in 2016, Nevada had its first season of hemp production. The program has grown steadily from 11 growers planting 319 acres to 63 growers planting over 718 acres in 2018. Indoor hemp production has also increased.
"Some of our hemp customers are experiencing tremendous expansion," stated Digipath, CEO, Todd Denkin. "One of them has increased its farm from six acres to sixty acres since last year's harvest. It's booming and we only expect it to get better and adding hemp testing to our portfolio of services was an obvious move for us. We are uniquely positioned to leverage our local successes into a global opportunity and we are intent on being the template for Best Practices and Testing in this emerging international market."
About Digipath, Inc. & Digipath Labs, Inc.
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.
Digipath Investor Relations & Financial Media
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.