IN TECH · U.S. — 24 JAN, 2014
Samples being tested at Denver-based CannLab (Photo: Walter Hicky/Business Insider)Samples being tested at Denver-based CannLab (Photo: Walter Hicky/Business Insider)
By the end of this year, all marijuana products sold in Colorado will have to be lab-tested first.
Final rules for the state’s recreational industry require all products to be tested and labelled for THC content and contaminants by Oct. 1st.
The system will be gradually introduced, with testing on edibles becoming mandatory as early as May.
While sales of recreational marijuana began Jan. 1st, testing has been optional, partially due to the lack of cannabis labs. Only 3 exist right now and all are located in Denver.
But mandatory testing means a boon for these businesses.
Genifer Murray, owner of CannLabs, told KUNC that her facility has grown from 150 to 500 ft, and is now expanding to 2,000 ft.
Murray also believes it’s good news for marijuana consumers, who will soon have assurance of the strength and safety of their purchases.
Unlike most foods and drugs in the US, marijuana products are not regulated by the FDA.
And despite the fact that #$%$ programs exist in 20 states and D.C., Colorado is among the first to introduce state-wide testing standards.
These standards will ensure that marijuana is being sold without dangerous levels of things like E. coli, Salmonella, pesticides or solvents.
The state has also tailored its rules to cover the growing demand for marijuana-derived products like edibles and concentrates.
Regulators are planning to introduce a certification process for testing labs to ensure their accuracy.
Folks getting very rich with Cannabis stocks+$$$$$$$$$$$$$$$$$$$$$$$$$
You luck sun of a $$$ you just doubled your investment. Still going up big time. 2000% by end of this week possible
Go VRNG and SEEK 2014 going to be a wonderful year.
I am so hungry for cheap tech stocks with potential.
Been holding this stock and waiting for the upcoming big move
Sentiment: Strong Buy
TheDirectory Founder and Chief Executive Officer Scott Gallagher commented, "With our largest acquisition to date recently completed, and several new channel partners already attending the ad tech conference, it makes perfect sense for us to introduce TheDirectory and what will soon be our revamped Local city guide network to one of the largest digital media gatherings in the world." Gallagher continued, "With regards to our newly acquired city guide network, we're already in talks with an award winning UI designer to assist us with a front end redesign that should improve both user engagement and monetization. We expect the new UI changes to go live during Q1."
Sentiment: Strong Buy
TheDirectory founder and CEO Scott Gallagher issued the following comment regarding today's press release: "Clearly the future of the Local search space will be based on a user's ability to find local businesses via Mobile devices. In fact according to a recent study, in just 18 months from today, 2015, more Americans will be accessing the web using a mobile device than by using a desktop computer. Add the fact that 70% of all mobile search's result in some sort of action within an hour of the search, a phone call, a store visit, an email, etc. The findings of the statistical data could not be clearer. The future of our business will be based to a very large extent on Mobile. Our build, buy or partner growth strategy is based on growing efficiently without sacrificing products or technology. Our ability to drive and convert mobile traffic for our clients into phone calls, appointments and visits as well as our ability to drive and convert traffic to our core Local directories will be of the utmost importance in this strategy. To that end we've selected Duda Mobile as our mobile partner for our customer channel. Over 2 million mobile websites have been built using the Duda Mobile platform. We've built many client websites using their platform, the search and traffic results have been impressive. Duda Mobile has the products we need to capitalize on this massive opportunity in the Local mobile search space."
Gallagher continued, "We now have key partnerships in three of the most important areas of our business outside of directory listings: Local business listings management with Yext, a self-serve website development product with Yola and mobile anything with Duda Mobile. To develop these products internally would have cost many millions and an enormous amount of time. Our plan is to bundle these new products into our core Local business package. We expect to begin marketing and selling the new products almost immediately, probably within the next two weeks."
Sentiment: Strong Buy