DigiPath Labs of Las Vegas, the cannabis testing subsidiary of DigiPath, Inc., on Thursday announced that it has successfully completed its first commercial test of cannabis material.
In the short time it's been open, the company said it has already proven that it has the equipment and knowledge needed to reliably test medical cannabis for safety and potency.
"We are open for business," said Todd Denkin, president of DigiPath Labs. "It's been a very long and arduous process, but we jumped through all the hoops and cleared all the obstacles, and now we're testing cannabis products and generating revenue, an important milestone to our shareholders."
As one of only two labs currently operating in Southern Nevada, DigiPath Labs is positioned at the forefront of what is anticipated to become a rapidly growing industry in the Silver State. According to ArcView, the legal cannabis market exploded from $1.5 billion in 2013 to $2.7 billion in 2014—a 74 percent increase in just one year.
Greenwave Advisors estimates that the market could reach $35 billion by 2020 if marijuana is fully legalized across the country, or $21 billion under the more likely scenario of 12 states legalizing recreational use and 37 states legalizing medical use.