DigiPath Inc. (OTC: DIGP), a cannabis testing, media, digital pathology, and education firm, recently announced its first quarter financial results and progress update. Revenue increased 170% to $136,000 year over year, while SG&A and R&D expenses came in slightly below last quarter’s expenses, excluding non-cash expenses related to compensation and a separation agreement.
“DigiPath ended the quarter with $3.9 million of stockholders’ equity,” said DigiPath Inc. CFO David Williams in the press release announcing the first quarter financial results. “We completed the purchase and installation of our state-of-the-art cannabis testing equipment, created our testing protocols, and expect to begin generating revenues from our significant investments later this quarter.”
During the quarter, the company hired key personnel and has been working diligently to open DigiPath Labs. The laboratory business is also pursuing additional permits in other states where cannabis use and commerce are now allowed by state law. The National Marijuana News has also generated over 170,000 audio streams and is broadcast across several major terrestrial radio stations.
“During our recent quarter, we made significant progress building and equipping our flagship cannabis testing laboratory in Las Vegas and preparing for it’s [sic] opening,” said DigiPath Inc. CEO Todd Denkin. “We received initial approval from the State of Nevada last November, and expect to receive final certification in a matter of days, which will allow us to begin operating our lab.”
“We are on track to continue our expansion in the cannabis testing and information spheres,” added Mr. Denkin. “We’ve set a solid foundation in our first two quarters, and we will build on it through the rest of the fiscal year.”
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