Abattis Phytalab Opens for Business in Washington
Ryan Allway
May 13th, 2014
News, Top Story
[stockchart symbol=”ATTBF”]
Abattis Bioceuticals Corp. [stockquote symbol=”ATTBF”], a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing, and marketing products and services to the medical cannabis industry, recently announced the grand opening of their analytical laboratory on Thursday, May 15th from 3:00pm to 8:00pm in Kirkland, Washington.
Also see: Exclusive Interview with Abattis President Mike Withrow
“We cordially invite the public to attend our Grand Opening and to parter with us for all of your analytical and research consulting needs,” said Abattis Bioceuticals President Mike Withrow. “Our team, including Dr. Kaleb Lund, Dr. Michelle Sexton, and laboratory manager Virginia Webber, comprise an impressive team with specific expertise in natural product analysis and product/process development.”
Phytalab will provide testing of cannabis and related products in Washington state in order to help comply with Initiative 502 requirements. In Section 11, the law states that every licensed marijuana provider must submit their products to an independent, third party testing laboratory meeting the accreditation requirements established by the state liquor control board for inspection and certification.
Recreational marijuana sales are expected to begin during the second half of the year in Washington after a successful experiment in Colorado. With 1,500 applicants vying for 344 licenses, dispensaries are expecting strong demand for the drug throughout the state. Lawmakers are also hoping that the legalization efforts will help increase tax revenue and lower crime rates as it has in Colorado.
The U.S. cannabis industry grew 64% in 2013 and is expected to reach $2.34 billion in size by the end of 2014, according to ArcView Market Research. With additional states expected to legalize the drug over the next five years, the same group projects that the industry could reach $10.2 billion in size by 2018. These rapid growth rates have attracted many investors and sparked lawmaker interest in the space.
Shares of Abattis Bioeceuticals Corp. jumped about 1% in early trading on Tuesday morning and are trading over 3,000% higher so far this year.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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