Green Scientific Labs Announces the Sale of Florida Assets
Green Scientific Labs Holdings Inc. ("Green Scientific Labs") (CSE: GSL), a leading provider of innovative cannabis and hemp testing technologies and methods, announced today that it has reached an agreement to sell all the assets related to its Florida Operations to ACT Laboratories, a leading lab testing company in the legal cannabis and hemp markets. The financial terms of the transaction are not being disclosed.
DAVIE, Fla., May 11, 2023 /PRNewswire-PRWeb/ -- Green Scientific Labs Holdings Inc. ("Green Scientific Labs") (CSE: GSL), a leading provider of innovative cannabis and hemp testing technologies and methods, announced today that it has reached an agreement to sell all the assets related to its Florida Operations to ACT Laboratories, a leading lab testing company in the legal cannabis and hemp markets. The financial terms of the transaction are not being disclosed.
The sale is expected to be completed prior to the end of Q2 2023 subject to customary closing conditions, including shareholder approval and regulatory approvals.
Green Scientific Labs has built a strong reputation in the cannabis compliance testing market over the years, offering a wide range of services to its customers.
About
ACT Laboratories, Inc.
ACT Laboratories, Inc. provides critical lab testing services for cultivators, processors, dispensaries, and brands to satisfy state requirements for a broad spectrum of tests, including potency, terpene, pesticide, microbial. Each of its labs are in full compliance with state law and the company works closely with regulators to elevate cannabis testing standards nationwide. ACT Laboratories is accredited to the international standard ISO/IEC 17025:2017 for the purposes of cannabis testing, ensuring methods are fully validated and independently reviewed. The company is majority owned by Intrinsic Capital Partners.
Intrinsic Capital Partners
Intrinsic Capital Partners is a Pennsylvania-based investment firm focused on life science and technology businesses within the legal cannabis and hemp industries. The Intrinsic team brings institutional investment discipline and world-class operating experience to build and scale industry-leading companies that address unmet needs across the supply chain. Intrinsic Capital Partners employs an operator-centric investment model to create a diverse portfolio of leading companies within the federally legal and emerging cannabis and hemp industries.
Contact Intrinsic Capital Partners: [email protected]
Green Scientific Labs
Green Scientific Labs (CSE: GSL) is a leading provider of innovative cannabis and hemp testing technologies and methods. The Company's labs perform product testing to help cultivators, manufacturers, and retailers stay compliant with state and federal regulations. Green Scientific Labs delivers superior marijuana, cannabis, hemp, and CBD testing services, and provides industry leading customer service for its clients.
For more information, please visit https://www.greenscientificlabs.com/.
This news release contains certain "forward-looking information." The CSE has not reviewed, approved, or disapproved the content of this news release.
Media Contact
Michael Richmond, Green Scientific Labs, 833 837-8223, [email protected]
SOURCE Green Scientific Labs
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