DIGIPATH INC - DIGP STOCK NEWS

Digipath, Inc. (OTCQB: DIGP) reported strong financial results for Q4 2022, with revenues reaching $712,935, an increase of 18% year-over-year compared to $606,240 in Q4 2021. Gross margins also improved significantly, rising to 43.4% from 34.2% in the prior year, indicating a 26.9% increase. Management attributes this growth to a focus on quality and efficiency amid challenging market conditions. The company continues to build its client base while maintaining existing customer relationships, highlighting a robust strategy moving forward.

Digipath, Inc. (OTCQB: DIGP) announced the approval of a new test for Aspergillus, using free DNA removal, enhancing its cannabis and hemp product testing capabilities. This AOAC-approved method allows for accurate detection of live Aspergillus, which has been a significant cause of crop loss in the cannabis industry. The new validation responds to increased test failures due to the PCR method required for micro testing. The Free DNA Removal Solution improves testing reliability and assists cultivators in evaluating contamination mitigation practices.

Digipath, Inc. (OTCQB: DIGP) has been selected as the testing laboratory for Redwood Cultivation, a licensed cultivator in Nevada. This partnership will involve Digipath conducting state-required testing on products from renowned cannabis brands like Tommy Chong’s Cannabis and Willie’s Reserve, as well as new offerings from Mike Tyson’s ‘Tyson Ranch’. Digipath ensures high-quality testing services, enhancing its market position in the cannabis industry. The company emphasizes its commitment to reliable analytical testing and data services, leveraging its extensive cannabis data repository.

Digipath, Inc. (OTCQB: DIGP) has signed a Validation Agreement with CASPR Technologies to test the efficacy of its Smart Tote device for reducing microbial contamination in cannabis cultivation. This collaboration aims to address significant crop losses due to yeast and mold contamination, potentially enhancing profitability for growers. Digipath will conduct ongoing testing using its extensive data vault, which holds over 70,000 cannabis chemo profiles. Testing is set to commence this month, marking a significant step towards improved environmental safety in the cannabis industry.

Digipath, Inc. (OTCQB: DIGP) announced its Q1 2022 financial results, reporting a 40% increase in revenues to $699,585 compared to Q1 2021. Gross profit also rose significantly from $79,500 to $276,984. The net loss was reduced by 26%, down to $290,325. Although general and administrative expenses marginally increased by 7%, professional fees surged by 134%. The company expressed optimism regarding the planned acquisition of a controlling interest in the Steep Hill California lab.

Digipath, Inc. (OTCQB: DIGP) has secured a compliance testing license from California for its Steep Hill laboratory in Berkeley, expanding its service offerings in the cannabis market. This license allows the lab to conduct compliance testing for all cannabis products, a service crucial for revenue generation, similar to its Nevada operations where compliance testing accounts for over 90% of revenues. The acquisition of a controlling interest in Steep Hill is underway, which is expected to increase revenues significantly as California is a major market for cannabis testing.

Digipath, Inc. (OTCQB: DIGP) reported its financial results for the fiscal year ending September 30, 2021. The company saw a 70.3% reduction in net loss to $686,503 compared to a loss of $2,309,490 the previous year. Total revenues decreased by 2.7% to $2,503,800, and gross margins were slightly down to 28.36%. Despite these figures, EBITDA improved significantly by $1,419,934. The company aims to expand through strategic acquisitions following a challenging year impacted by COVID.

Digipath, Inc. (OTCQB: DIGP) announced a letter of intent to acquire a controlling interest in a Berkeley, CA-based cannabis testing laboratory from EVIO, Inc.. This acquisition would transform Digipath into a Multi-State Operator (MSO) in the cannabis sector. The Berkeley lab is licensed and expected to more than double its revenue in the coming year. California's cannabis testing market is rapidly growing due to stringent regulations, creating a demand for certified labs. With only 35 operational labs, this acquisition presents significant growth opportunities for Digipath.

Digipath, Inc. (OTCQB: DIGP) announced its participation in the Emerging Growth Conference on December 8, 2021, at 12 noon EST. During this interactive online presentation, Founder and President Todd Denkin will discuss the company’s new strategic expansion initiative aimed at meeting the growing demand for cannabis testing services. The event allows current shareholders and prospective investors to engage with Denkin in real time, with a Q&A session following the presentation. An archived version will be available for those unable to attend live.