IRVINE, Calif., Dec. 07, 2018 (GLOBE NEWSWIRE) -- Gala Pharmaceutical, Inc. (Ticker: GLPH), a robust and burgeoning Analytical testing company, today announced notable progress toward opening its doors and serving its rapidly growing market.
The Company’s application to operate a TYPE 8 Medical Cannabis Testing Lab has been deemed complete by the City of Long Beach and, through its subsidiary, Gala Pharmaceutical California, Inc., has filed for its California state license. In addition, Gala has submitted the application for its building permit.
The Company believes that California’s stringent cannabis testing regulations, which have rolled out in phases throughout 2018 via the Bureau of Cannabis Control, have created a highly favorable business environment in which to establish and expand its services.
Cannabis testing laboratories are responsible for ensuring safety and consistency in the recreational and medicinal cannabis available to consumers and patients. Labs test for analysis of potency, residual pesticides, heavy metals, microbial contamination, residual solvents, moisture content, and foreign contaminants. Industry experts say the current bottleneck in the cannabis industry is caused by the lack of sufficient facilities to keep up with demand for testing.
Gala Pharmaceuticals CEO Dr. Rehman is enthusiastic about filling this void. “Quite simply, there is an undeniable lack of certified labs in the state of California,” he says. “We have an incredible team that is ready, willing and entirely able to provide this eager market with exactly what it needs to meet its potential. With about 40 million California residents and already over one million registered medical patients, we are confident in our ability to help move this industry forward.”
Analysts at Cowen & Company predict the nation's legal cannabis industry could reach $50 billion by 2026, with California responsible for an estimated $25 billion of that market. “We have an incredible opportunity here,” Rehman continues. “Testing labs is one aspect of the industry that is not saturated.”
Toward that end, Gala Pharmaceuticals has partnered with GreenGro Technologies (Ticker: GRNH), a developer of eco-friendly greenhouses, and igot420distribution, a network of distribution centers connecting farms and manufacturing labs to licensed medical and recreational dispensaries. Under the terms of the agreements, the three companies have developed joint sales, marketing and distribution strategy that will collectively establish them as a true vertically integrated solution provider for the cannabis industry.
Further, this alliance will boost demand for Gala Pharmaceutical’s testing facilities, paving the way for medical research and clinical trials. “The team we have in place allows us to move forward with unshakable credibility and better serve the people who will come to rely on us,” concludes Rehman.
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About Gala Pharmaceutical, Inc.
Gala Pharmaceutical, Inc. (GLPH) is a publicly traded company that provides innovative tools for analytical testing laboratories. GPI looks forward to developing thorough screening technologies for chemical, plant, soil, and liquid composition analysis which will allow development for key compositional traits and provide quality services to a broad spectrum of customers in the agricultural industry.
About GreenGro Technologies
GreenGro Technologies ( GRNH ) is a world class provider of eco-friendly green technologies with expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. GreenGro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.
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Gala Pharmaceutical Inc.
18881 Von Karman Ave Suite 1440
Irvine, California 92612