FutureWorld announces today that HempTech has started its nationwide implementation of Cannabis testing labs (licensed, voluntary and self-test) by acquiring its first lab and cannabis laboratory technology company in Colorado. HempTech and the company will be working on patentable projects on cannabis testing process and applications. HempTech is expecting the acquisition to provide immediate revenue by distributing patented products to the pertinent distributors nationwide. The acquisition is set to close before May 9 th , 2014.
HempTech is also working through selecting partners for its coming lab in Florida.
So far, testing for contaminants is currently voluntary in most legalized states in which has resulted in lack of quality control and cost fluctuation by testing labs, forcing the majority of dispensaries to skip the process entirely. Starting next year, it will be a requirement for all cannabis products in Colorado and Washington to be tested for health and safety. Other states are expected to require testing from the outset. A few states are even taking it to the point of requiring pharmaceutical-grade standards. We expect, at some point, a federal mandate will ensue forcing all growers, dispensaries and processors to test the quality and the purity of their cannabis. The required tests will include potency for dosing, microbial testing (molds, E. Coli, salmonella, etc.), pesticides, and residual solvents (such as leftover butane from making hash).
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