CannLabs Launches New Colorado Cannabis Testing Services
Ryan Allway
October 9th, 2014
News, Top News
[stockchart symbol=CANL]
CannLabs Inc. [stockquote symbol=CANL], a leader in cannabis testing, formulation, innovation, and consultation, recently announced the launch of a microbial contaminate testing and consultative service in response to recent Colorado Marijuana Enforcement Division (“MED”) rulings. The expanded service enables growers to test for contamination, solvents, and pesticides ahead of MED standards that are scheduled to go into effect after mid-November.
“This is a great opportunity for growers to ensure that their valuable production meet public health and safety standards by using our contamination testing services,” said CannLabs Inc. CEO Mark Mirken. “As Colorado’s largest licensed cannabis and microbiological testing laboratory, CannLabs is uniquely positioned to provide a consultative approach to help growers due to our microbiology expertise, real-time data analytics, and proprietary technology.”
Colorado plans to begin randomized testing for contaminants like Salmonella, E.coli, mold, mildew, and fungus in addition to its current regulations around potency in flowers, concentrates, and edibles. Once the new regulations are implemented, any contaminated products will have the opportunity to be remediated or they will not be able to be commercialized under law. CannLabs also plans to provide consulting services to help growers with these types of remediation.
During the quarter ended June 30, 2014, the company reported revenue of $270,220 from rising demand for state-mandated testing services in Colorado. Management anticipates further growth as the industry prepares for the increased state regulatory mandates, while the firm continues to sign exclusive agreements with major growers in Connecticut as part of its expansion into that market. Investors may want to keep an eye on the stock as these potential catalysts unfold.
Shares of CannLabs Inc. were trading even on October 9, 2014 following the news release.
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.
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