Greenscape Laboratories Inc. (OTC: MJLB), a provider of North American cannabis testing services, recently announced a joint venture agreement with letter of intent with Oregon Growers Analytical LLC dba OG Analytical of Eugene, Oregon. As of March 3, 2014, the facility was licensed in Oregon adhering to AOAC, NELAC TNI, and ISO 17025 accreditation standards.
OG Analytical specializes in comprehensive cannabis testing services, helping dispensaries, growers, producers, and consumers alike ensure the safety and quality of medicinal cannabis and cannabis-related products in Oregon. The firm uses internationally approve methods to accurate quantify pesticides, microbiological contamination, and potency so that consumers can Trust Your Bud™.
Located in Pensacola, Florida, Greenscape Laboratories was founded to ensure the safety of cannabis by providing advanced assistance in testing consumable products for both chemical and foreign contaminants. Management’s goal is to become the standard by which laboratories within the industry are measured, with services targeting both medical marijuana and recreational marijuana.
The U.S. cannabis industry grew 64% in 2013 and is expected to reach $2.34 billion by the end of 2014, according to Arcview Market Research. Cannabis testing services have become an integral part of that market, as government agencies begin requiring extensive testing and labeling to protect consumers.
“I think we’ll see the industry grow from $5 million to $7 million now to $20 million next year and $40 million within two years,” said Steep Hill Halent CEO David Lampach in an interview with MMJ Business Daily about the cannabis testing market. “Colorado and Washington will probably be about $10 million next year, while California could go to $80 million in pure testing revenue.”
Shares of Greenscape Laboratories Inc. fell 12% in early trading on Monday, June 30, 2014 following the news announcement.
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 may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/.