Abattis Bioceuticals Corp. (OTC: 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.
“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.
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