US (FL): Multi-state testing lab expands into Florida through new acquisition

ACT Laboratories is set to acquire the Florida operations of Green Scientific Labs Holdings and all related assets. With this acquisition, ACT Laboratories expects to be operational in eight states in the eastern half of the U.S. by year-end, with each lab employing a standardized set of testing methods and procedures to drive efficiency and predictability across the supply chain across states.

"We continue to take aggressive steps to build ACT Laboratories as the preeminent, multistate cannabis lab testing partner for cultivators, processors, dispensaries, and brands in the United States," said Michael Drozd, CEO of ACT Laboratories. "With the addition of Green Scientific's operations in Florida, we not only strengthen our footprint, but we are also adding extensive experience as well as capabilities in hemp testing that will broaden our ability to service customers across markets. As a company, we have the people, technology, and financial wherewithal to accelerate our leadership in the industry, and today is another important step in that direction."

Following the acquisition, Rafael Bombonato, Chief Compliance Officer and Interim CEO of Green Scientific, will become Vice President of Quality for ACT Laboratories, and Diana Asensio. Currently, Green Scientific's Lab Director for Florida will continue in the same role for ACT Laboratories.

"We're excited to become part of such a strong team with a shared focus on best-in-class testing methods and setting ever-higher standards that can help our customers improve supply chain predictability," said Rafael Bombonato, Chief Compliance Officer and Interim CEO of Green Scientific. "As part of ACT Laboratories, we will bring a suite of capabilities, industry-leading turnaround time, and customer service that no other lab in Florida can match."

Financial terms of the transaction are not being disclosed, and closure of the deal, expected to be completed prior to the end of June, is subject to customary closing conditions, including Green Scientific Lab Holdings Inc. shareholder approval and regulatory approvals.