LANSING, Mich., Sept. 28, 2022 /PRNewswire/ -- ACT Laboratories, Inc. ("ACT Labs"), a leading lab testing company in the legal cannabis and hemp markets, today announced an agreement to acquire CDX Analytics, LLC ("CDX") of Massachusetts to continue its geographic expansion and extend its scientific leadership.
"ACT Labs is out to build the foremost, multistate cannabis lab testing partner for cultivators, processors, dispensaries, and brands, and we're delighted that CDX is joining forces with us," said Cornelius Merlini, Board Member and acting CEO of ACT Labs and a Managing Partner of Intrinsic Capital Partners. "Expanding our footprint not only enables us to take better advantage of our investments in new technology, but also allows us to better anticipate regulatory trends and leverage standardized, best practices across our network. As we do, expansive testing capabilities will help ensure a more predictable supply of consistent, differentiated products and brands that fuel growth for our customers."
As one of the most reputable lab testing partners in the state, CDX Analytics recently doubled its testing capacity in its Massachusetts lab to meet growing customer demand. With this acquisition, ACT Labs will be operational in six states: Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania. Additionally, ACT Labs is evaluating other key markets for organic expansion, and will likely be live in seven states by early 2023.
"We're excited to become part of such a strong team of chemists, microbiologists, researchers, and senior leaders with extensive knowledge of the pharmaceutical industry," said Dr. Brian J. Strasnick, CEO & President of CDX Analytics. "The rapid growth and regulatory evolution of the cannabis industry will require a suite of consultative solutions that span testing, quality, formulation, and facility monitoring to optimize processes, manage risk, and drive speed to market. As part of ACT Labs, we will bring all of these to our Massachusetts customers."
The closure of the deal is subject to regulatory approval in the Commonwealth of Massachusetts.
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.
CDX Analytics is a premiere cannabis testing laboratory servicing both the Medical and Recreational Marijuana markets in the Commonwealth of Massachusetts. The lab has invested in state-of-the-art instrumentation to ensure regulatory compliance and push the envelope in product optimization.
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.
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SOURCE ACT Laboratories, Inc.