IRVINE, Calif., June 05, 2019 (GLOBE NEWSWIRE) — Gala Pharmaceutical, Inc. (GLPH), a provider of cannabis testing in Southern California, today announced that it has completed construction of its cannabis testing facility in Long Beach, California. The company is currently in the process of ordering equipment and begin the initial steps towards ISO17025 accreditation. Gala Pharmaceutical is looking forward to capturing the lucrative southern California cannabis testing market.
“Medical and recreational cannabis legalization in California presents great potential for everyone. For the state, it means a dynamic tax opportunity. For the cannabis industry, it promises business and revenue. CNBC reported on May 1, 2019 that total US cannabis market, if legalized today, could be worth $28 billion, increasing to $41 billion by 2028 on a pre-tax basis,” Barclays analysts say in a note. It was also reported that marijuana tax revenues are already ahead of alcohol tax revenues in Colorado, Washington state and Nevada, and that U.S. marijuana companies are jockeying for position with the expectation that weed will be legalized across the nation.
In 2018, California initiated new state testing requirements to help further increase quality and safety. As testing requirements become enforced over the coming year, consumers can further rely on their medical and recreational cannabis to be safe for consumption. The adoption and enforcement of these testing requirements will help build consumer trust and confidence in licensed cannabis goods and bring much needed revenue for the state of California. While many in the cannabis industry cited this as a hindrance to the growth and advancement of the market, Gala feels it is exactly in part what has, and will continue, to drive consumer adoption through increased confidence on the product, particularly as the state tax on cannabis goods has raised prices. Therefore, Gala Pharmaceutical plans to strategically position itself