LANSING–ACT Laboratories Inc., a lab testing company in the legal cannabis and hemp markets, announced an agreement to acquire CDX Analytics LLC 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.”
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.
ACT Laboratories is majority owned by Intrinsic Capital Partners, a Pennsylvania-based investment firm focused on life sciences and technology businesses in the legal cannabis and help industries. More at intrinsicCapitalPartners.com