Testing standards for legal marijuana must be upheld and monitored so that consumers of either medical or recreational cannabis know what they are putting in their body now that more than half the country has legalized marijuana in some form. Testing or cannabis lets the consumer know that they are not eating, smoking or vaping anything other than marijuana and it lets them know what to expect when they use marijuana. Some companies like Signal Bay are providing quality testing of marijuana, but there are also reports of other laboratories skewing data for their potential financial gain.
One of the most significant benefits of the legal marijuana industry has been the better access to regulated products. Prior to the opening of legal state markets, consumers purchased marijuana from the black market which possibly contained harmful pesticides, fungicides, mold, heavy metals, and even additives to make it feel like it was getting us higher
To protect the consumers, most state governments have mandated independent testing facilities to ensure all products are tested for potency as well as potential harmful ingredients before being made available in local dispensaries.
Know What You Smoke
Due diligence is required in every industry; however, it is especially true in the cannabis industry. Whether you are buying a product or investing in a company, thorough due diligence must be conducted.
Vice News recently highlighted a troubling trend where some laboratories have been providing false information. A manager at lab testing agency said that he has been pressured by clients to increase the potency percentage. The manager tested products from a dispensary claiming that the product was 30% THC and found that the sample was under 19% THC.
Unfortunately, most state oversight on labs is not stringent enough and relies on the honor system. This is an issue for the industry and it will only become more of an issue as it continues to expand.
Providing a Necessary Service
One company focused on the emerging lab testing opportunity in the legal cannabis industry is Signal Bay (SGBY). Through its subsidiaries, the company operates testing facilities that are compliant with regulations and offers accredited testing methodologies that verify the safety and potency of cannabis. Signal Bay applies a more stringent methodology when it comes to the services provided which can provides the user with much more comfort.
The lab testing industry is expected to see incremental growth over the next few years and Signal Bay currently has operations in Oregon and California (5 operational laboratories) and is comprised of three divisions that help create value for the entire business.
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