Digipath Inc (OTCQB:DIGP) made headway on Wednesday afternoon markets, on announcing it was scaling its proprietary testing services for the rapidly booming Nevada hemp industry.
The Vegas-based company is a service-oriented independent analytical testing laboratory and data firm focused on the burgeoning cannabis market.
Recent media articles have affirmed that Nevada has certain agricultural advantages and that Nevada hemp sells for significantly more than Colorado hemp. According to the data from the Nevada Department of Agriculture, in 2016, Nevada had its first season of hemp production. The program has grown steadily from 11 growers planting 319 acres to 63 growers planting over 718 acres in 2018. Indoor hemp production has also increased.
According to company CEO Todd Denkin, "Some of our hemp customers are experiencing tremendous expansion. One of them has increased its farm from six acres to 60 acres since last year's harvest. It's booming and we only expect it to get better and adding hemp testing to our portfolio of services was an obvious move for us."
Shares in Digipath approached the final hour of trading Wednesday up 1.8 cents, or 13.1%, to 15.5 cents, on volume of more than 67,000 shares