IRVINE, Calif., April 16, 2018 (GLOBE NEWSWIRE) -- Gala Pharmaceutical, Inc. (OTCBB:GLPH), an emerging cannabis cloning and breeding company, today announced that it expects to build its first state-of-the-art testing laboratory that will fulfill the new ISO requirements set by the City of Long Beach and the State of California in accordance with the Medical Marijuana Regulation and Safety Act. The Act will require the California Department of Public Health to enforce its provisions related to the manufacturing and testing of medical cannabis across the State.
Gala Pharmaceutical plans to use this facility to provide testing services to legal Marijuana and Hemp growers in the state of California. Industry participants have identified this requirement as a key area of strategic importance. At a March California Cannabis Industry Association (CCIA) meeting, Jackie McGowan the director of local licensing and business development for Sacramento based K Street Consulting, said, “There’s a lack of labs to test quality product.” The CCIA estimates that only approximately 20 testing labs have received temporary business licenses in California. Given the industry’s competitive landscape, meeting the new licensing requirements will be key to successful product development and marketing. GPI anticipates that marijuana-testing labs will be critical for California’s legal cannabis industry. As such, GPI expects high demand for licensed testing services and believes that there will be a shortage of testing services creating long waits for results, delaying product approvals.
Gala Pharmaceutical’s Three Primary Goals
“We believe Gala Pharmaceutical’s growth outlook is as bright as ever given our clear financial and operational outlook supported by a favorable regulatory environment,” said Dr. Maqsood Rahman, Chief Executive Officer of Gala Pharmaceutical, Inc. “The buildout of our initial testing laboratory is a clear reflection of the progress we are making in establishing the Gala Pharmaceutical brand as one of the most prominent, safe and trustworthy testing laboratories in the State of California for cannabis,” concluded Dr. Rahman.
Favorable Regulatory Environment Expected to Drive Gala’s Future Growth
As of January 1, 2018, all cannabis products are now required to be tested for cannabinoid levels, moisture content, Category II Residual Solvents, Category I residual pesticides, microbial impurities, and the homogeneity of edible cannabis products. On July 1, 2018, Category I residual solvents, Category II residual pesticides and foreign materials testing will be mandated as well as terpenoid, mycotoxin, and heavy metals testing and water activity testing by December 1, 2018. The Act mandates that, starting in 2018, only lab-tested products may be sold by licensed retailers.
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About Gala Pharmaceutical Inc.
Gala Pharmaceutical is a publicly traded startup company that provides innovative tools for plant genetics, tissue culture and cloning, drug manufacturing and formulations that drive efficiencies in the agricultural market with a particular focus on the cannabinoid and hemp industries. GPI is looking forward to developing high throughput screening technologies for chemical, plant, soil, and liquid composition analysis which will allow assay development for key compositional traits and provide quality services to various customers in the agricultural industry.
GPI offers Cannabinoid and Terpene profiling, pesticide testing, residual solvent analysis and microbial testing through the Testing Division; Genetic fingerprinting, plant tissue culture and new varieties via the Genetics Division, and lab design, building lab SOP, lab equipment, chemical and reagents and troubleshooting through the Manufacturing Labs Division. GPI is also an official distributor of Across International Products lab equipment.
(Disclaimer: Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Gala Pharmaceutical’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. Gala Pharmaceutical Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.)
ANAHEIM, CA – January 20, 2018 - - Gala Pharmaceutical Inc. (GPI) (Ticker: GLPH) today announced that it is focusing on key 2018 goals to drive success and build long-term shareholder value.
Gala Pharmaceutical Inc., in 2017, had streamlined its business model, did research and development of key
plant species, cloning technologies and strengthened of its management team, all of which laid the foundation for 2018.
Gala Pharmaceutical Inc. believes the following goals, if achieved, will allow the company to consistently grow its market share in high margin, high profit market segments, thus solidifying the company’s
position as one of the most innovative companies in the marketplace, which should ultimately increase shareholder value:
Goal #1: Breeding, Tissue Culture and Cloning and High Throughput Testing:
GPI is focusing on the development of innovative breeding and cultural tools for growing crops, vegetables and other high
value plant species. The company is looking forward to developing high throughput screening technologies for chemical, plant, soil, and liquid composition analysis which will allow assay development for key compositional traits and provide quality services to various customers in agricultural industry.
Goal #2: GPI Genetic Fingerprinting
GPI is also focusing on providing genetic “fingerprinting” and “sequencing” of various crop species in 2018. In doing so, it will be able to develop and store genetic fingerprint information into a proprietary database. GPI customers will then have exclusive access to genetic fingerprint data which can be used for
predictive breeding applications and for protecting intellectual property (IP).
Goal #3: Drug Formulations
The company is laying the groundwork to focus on drug formulation processes. The company is expecting to provide oversight for the development of fully Good Manufacturing Practices c(GMP), and production of Active Pharmaceutical Ingredients (API) for use in clinical trials required to support the safety and efficacy of potential drugs for the treatments of various medical conditions.
It is believed that the investments made last year, with a focus on building our genomics technologies as well as our plant cloning techniques, will prove to be two of the greatest factors differentiating us from our competitors in the agriculture industry. “I am extremely excited about the future at Gala Pharmaceutical Inc., beginning with our expectation to achieve the three initial goals just mentioned” said
Gala Pharmaceutical Inc. CEO, Maqsood Rehman.
Gala Pharmaceutical Inc. is looking forward to leading the development of innovative tools to improve yield and quality for various plant species this year and the company believes it has the right team in place to ensure success. Throughout the course of the year. The company will continue to provide quarterly progress reports so that shareholders may measure company’s performance against the objectives set out in previous shareholder communications. This transparency should elicit further confidence in company’s business model and trust in the Company.
Dr. Maqsood Rehman
Chief Executive Officer
Gala Pharmaceutical Inc.
About Gala Pharmaceutical, Inc.
Gala Pharmaceutical, Inc. (Ticker: GLPH) is a publicly-traded startup development company specializing in the biotech industry. Gala Pharmaceutical’s professional services group provides
operational services and technologies that drive efficiencies in the agricultural market. Gala Pharmaceutical Inc. has industry-leading expertise helping companies make the most of their potential in an emerging market.
Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Gala Phatmaceuticals’ business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking
statements within the meaning of the federal securities laws. Gala Pharmaceutical Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.