LAS VEGAS, Dec. 18, 2018 /PRNewswire/ -- Digipath, Inc. (OTCQB: DIGP), a service-oriented independent testing laboratory and data firm focused on the developing cannabis and hemp markets, is pleased to announce its support of Congress's Farm Bill, which legalizes the production and sale of hemp. The Farm Bill is expected to be signed by the President shortly, and will then take immediate effect.
As one of Nevada's first licensed cannabis testing laboratories, Digipath has extensive experience testing hemp over the past two years. It is anticipated that following the effectiveness of the Farm Bill, demand for both hemp and the testing of hemp will grow significantly. In fact, Fortune magazine, in a recent post reacting to the Senate's passage of the Farm Bill, predicted that the U.S. cannabis industry could grow to $20 billion by 2022 from $800 million this year.
"Passage of The Farm Bill could be enormously beneficial to our expansion efforts," stated Todd Denkin, CEO and Founder, Digipath, Inc. "Federal legalization is expected to expand our addressable market, and we intend to aggressively pursue a Digipath presence in viable new markets that emerge. With the advent of hemp legalization, it is not just raw hemp that will require testing. Rather, all products containing hemp and hemp byproducts that are already starting to infiltrate our grocery and drug store shelves, such as cosmetics, creams, tinctures, and patches will all need to be tested before they reach consumers. Digipath is able to provide that testing."
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.