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Marijuana Lab Testing Industry Valued At $850 Million

While many people are fixated on the profit potential of “GROWING” marijuana, many overlook the subsidiary industries that are also created by legalizing the plant. Every state with legal marijuana is currently, or hopes to soon, enact some kind of testing policy, procedure, and regulations.

GreenWave Advisors provides a comprehensive, independent research and financial analysis for the emerging legalized cannabis industry, and has published a document that outlines the potentials of the marijuana lab testing industry, assuming full national legalization by 2020.

Many public companies are committed to this industry, with some further ahead than others.

Digipath Inc [stock symbol=”DIGP”]  has become to go-to testing facility in Nevada, who recently legalized medical marijuana along with very strict testing policy. Announced today, they recently joined the Association of Commercial Cannabis Laboratories.

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“By joining the ACCL, DigiPath Labs further demonstrates its adherence to strict testing guidelines and commitment to quality assurance for marijuana consumers in Nevada,” commented Dr. Cindy Orser, DigiPath Labs’ Chief Scientific Officer. Here is a link to the full press release.

Another company doing things right in the marijuana lab testing world is Steep Hill Labs:

Steep Hill Labs, a California-based company, has opened a lab in Albuquerque that will provide quality assurance testing for marijuana plant producers and patients participating in the state’s medical cannabis program.

The state Department of Health passed rules in February that will require marijuana producers to have products tested in approved labs. Those requirements will take effect once the department has determined the approved labs can meet the demand, said Health Department spokesman Kenny Vigil.

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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