ACT Laboratories, Inc.a laboratory testing company in the legal cannabis and hemp markets, occurred Agreement to Acquire CDX Analytics, LLC from Massachusetts.
“ACT Labs is committed to building the premier multi-state cannabis laboratory testing partner for growers, processors, dispensaries and brands, and we are excited to have CDX join forces with us,” he stated Cornelius MerliniBoard Member and Acting CEO of ACT Labs and Managing Partner of equity partner. “Expanding our footprint not only allows us to better leverage our investments in new technologies, but also allows us to better anticipate regulatory trends and leverage standardized best practices across our network. In doing so, extensive testing capabilities will help ensure a more predictable offering of consistent, differentiated products and brands that fuel our customers’ growth.”
CDX Analytics recently doubled its testing capacity in its Massachusetts lab to meet growing customer demand. With this acquisition, ACT Labs operates in six states: Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. Additionally, ACT Labs is evaluating other key markets for organic expansion and is expected to go live in seven states by early 2023.
“We are excited to join such a strong team of chemists, microbiologists, researchers and senior executives with extensive knowledge of the pharmaceutical industry,” he said dr Brian J Strasnick, CEO and President of CDX Analytics. “The rapid growth and regulatory evolution of the cannabis industry requires a suite of consulting solutions spanning testing, quality, formulation and facility monitoring to streamline processes, manage risk and accelerate time to market. As part of ACT Labs, we will bring all of this to our customers in Massachusetts.”
Closing of the transaction is subject to regulatory approvals in the Commonwealth of Massachusetts.
Photo: Benzinga; Sources: courtesy of Jarmoluk and Lindsayfox via Pixabay
