CannLabs Inc. (OTC: CANL), a leading provider of proprietary, cloud-based analytics and scientific testing methodologies to the cannabis industry, was recently mentioned in a Congressional testimony by Congresswoman Dina Titus – a Democrat from Las Vegas, Nevada. The testimony comes after the company recently secured a license in the state to operate a cannabis testing laboratory.
While discussing how the cannabis industry has evolved from a “head shop with a picture of Che Guevara” to a professional and regulated industry, Ms. Titus said she was impressed by CannLab’s and their commitment to bringing “high standards of quality and safety to the medical cannabis industry”. She went on to suggest that her colleagues in Congress should visit facilities like these to understand the change.
CannLabs provides cannabis testing and business intelligence services to customers in states that have legalized medical or adult-use cannabis through its relationship with Carbon Bond Holdings Inc. and a number of state certified labs. Last quarter, the company announced the licensing approval of an 8,000 square foot facility in Nevada and the opening of a 4,000 square foot facility in Connecticut.
During the quarter, the company also reported $474,000 in revenue, which is a substantial increase over the comparable period’s $204,000 in revenue. Management attributed the growth to increased testing volumes, growing client demand, and expansions in mandated testing requirements. Revenue for its Colorado facility is expected to be $3-5 million annually by the end of 2015.
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