DigiPath, Inc. (OTCQB: DIGP), through its four business units (DigiPath Labs, TNM News Corp., DigiPath Corp. and Digipath University), supports the cannabis industry’s best practices for reliable testing, education and training, as well as bringing unbiased new coverage to the cannabis field. The rapid growth of the cannabis industry has been well documented, and, according to ArcView Research, the market for legal cannabis is the fastest-growing industry in the country. DigiPath is capitalizing on this growth through the operation of one of the first cannabis testing laboratories in Nevada.
Despite legalizing medical marijuana more than 15 years ago, Nevada’s cannabis industry is just beginning to scratch the surface of its potential. Early projections by analysts suggest that the state’s market could exceed $100 million in the coming years, pending the approval of three bills currently navigating state legislature. Upon approval, state law will require testing of each batch of cannabis by a state-licensed laboratory before it can be sold to the public. DigiPath, through the operation of one of the state’s first labs, is placing itself in a strong strategic position to capitalize on a first-mover advantage in the burgeoning market.
“During our recent quarter we made significant progress building and equipping our flagship cannabis testing laboratory in Las Vegas and preparing for it’s opening,” stated Todd Denkin, Chief Executive Officer of DigiPath. “[W]e expect to receive final certification in a matter of days, which will allow us to begin operating our lab and generating revenues from our testing services.”
In addition to the company’s flagship laboratory, DigiPath has made significant strides in growing its internet news and radio program, The National Marijuana News. Since its soft launch in June 2014, the network has amassed a following of more than 100,000 monthly listeners and secured broadcast on a host of terrestrial radio stations in markets around the country.
“We are on track to continue our expansion in the cannabis-testing and information spheres,” continued Denkin. “We’ve set a solid foundation in our first two quarters, and we expect to build on it through the rest of the fiscal year.”
As the national opinion on cannabis legalization continues to shift into a more favorable light, DigiPath is establishing a significant industry presence that should pay dividends in the future. According to another report from ArcView Research, the legal marijuana market is expected to experience growth of more than 650 percent in the period from 2013 to 2018, highlighting the massive potential for DigiPath moving forward. Investors caught a glimpse of this potential in the company’s recently released financial results, which posted a 170 percent increase in revenue over the previous year.
For more information, visit www.digipath.com
