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Saturday, November 26, 2022

Digipath Inc (OTCMKTS:DIGP) Jumps on Reversal

Digipath Inc (OTCMKTS:DIGP) is moving up steadily since reversing off $0.10 lows. The stock had been in steep decline for close to a year and in May the Company affected a 10 for 1 reverse stock split.

DIGP has been around for years and was incorporated in Nevada in 2010. The stock saw a fast rise in April of last year that ended badly a month later when they reversed the stock.

Digipath Inc (OTCMKTS:DIGP) supports the cannabis industry’s best practices for reliable testing, education, and training, and brings unbiased cannabis news coverage to the cannabis industry. Its four business units are DigiPath Labs, TNMNews Corp., DigiPath Corp., and DigiPath U.

DigiPath Labs operates a Las Vegas testing facility that opened in May of last year, and has completed more than 500 samples to date according to Mr. Denkin, which makes it a leader among its peers. With four new customers signing exclusive laboratory agreements last quarter, and more cultivators coming online, DIGP appears to be well positioned in the booming Las Vegas marketplace.

DigiPath Labs’ state-of-the-art Las Vegas laboratory was developed to elevate the standard for cannabis testing. The team carefully selected equipment and then created and verified standard operating procedures to ensure reliable, replicable results.

DIGP has been signing a number of new growers for testing in recent months; In January the Company said it signed a one-year agreement with another Nevada medicinal cannabis grower, Waveseer of Las Vegas. DigiPath Labs will use its state-of-the-art testing equipment and reliable testing methodologies to determine safety and potency profiles of Waveseer’s cannabis material.

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The press release which is clearly bias in DGIP favor goes on to say ”DigiPath Labs aims to set the industry standard for testing all forms of cannabis-based products using FDA-compliant laboratory equipment and processes to measure safety and efficacy. Since securing a permit from the State of Nevada to open a cannabis-testing laboratory in June of 2014, the company has completed the construction of a $1.4 million facility that’s slated to open in just a few weeks.

On March 1 DIGP said Nevada’s provisional licenses are set to expire in May of this year, which means that companies that haven’t made “significant progress” towards opening risk losing their license. These licenses are valuable, despite the state’s small population, since the state permits out-of-state visitors with medical marijuana cards to buy from local dispensaries. If recreational legalization passes in 2016, the license could become a whole lot more valuable, especially in Las Vegas.

DIGP CEO Todd Denkin, which operates a testing laboratory in Nevada, figures that there are 20 fully licensed cultivators, nine open dispensaries, seven testing labs, five licensed production labs, and three licensed edible makers in the state. Growblox Sciences Inc. GBLX, -0.05% is another publicly traded company, which has secured licenses for four cultivation labs, the first of which they are opening in Las Vegas.

With a staggering 42.3 million visitors in 2015, tourism in Las Vegas amounted to more than 15 times the entire population of the State of Nevada. These tourists are driven to world-class hotels and casinos, including Caesars Entertainment Corp, Wynn Resorts, Limited, Tropicana Entertainment Inc, Las Vegas Sands Corp and MGM Resorts International.

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Currently trading at a $2.1 million valuation DIGP has minimal cash or revenues and rising short term debt. The Company transitioned into the booming pot sector last year and opened a Las Vegas pot testing facility and has completed more than 500 samples to date according to Mr. Denkin, which makes it a leader among its peers. With a number of new customers signing exclusive laboratory agreements recently, and more cultivators coming online, DIGP appears to be well positioned in the booming Las Vegas marketplace. We will be updating on DIGP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with DIGP.

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Disclosure: we hold no position in DIGP either long or short and we have not been compensated for this article.

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