ACT Laboratories, Inc. Extends Multi-State Expansion Strategy into Florida

Standardizing testing methods and procedures across states to fill critical unmet customer needs

LANSING, Mich., May 11, 2023 /PRNewswire/ -- ACT Laboratories, Inc. ("ACT Laboratories"), a leading lab testing company in the legal cannabis and hemp markets, today announced an agreement to acquire the Florida operations of Green Scientific Labs Holdings Inc. ("Green Scientific") (CSE: GSL) 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, we are 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.

Please visit www.actlaboratoriesinc.com to learn more about ACT Laboratories, its Quality Credo, and how its leading the industry in standards development through its "Trust In Testing" program.

About

ACT Laboratories, Inc.

ACT Laboratories, Inc. is the nation's largest, multi-state cannabis and hemp testing network, providing critical lab testing services for licensed cultivators and processors. Our multi-state services are guided by a single, private ownership structure that ensures operational consistency and standardization across our footprint, enabling us to deliver a best-in-class, predictable supply chain partnership for cannabis and hemp brands, and their consumers. Quality and Trust are our hallmarks. Our quality systems go above and beyond the Cannabis Industry requirements, mirroring pharmaceutical industry standards. As co-founders of the "Trust In Testing" program, we are working with other labs, state regulators, and leading cannabis brands to set a higher standard for robust, accurate, and reliable cannabis testing, because we believe consumers thrive where science and cannabis unite. 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.

Green Scientific Labs Holdings Inc.

Green Scientific Labs (CSE: GSL) is a leading provider of innovative cannabis and hemp testing technologies and methods. The Company's labs perform product testing to help cultivators, manufacturers, and retailers stay compliant with state and federal regulations. Green Scientific Labs delivers superior marijuana, cannabis, hemp, and CBD testing services, and provides industry leading customer service for its clients.

Intrinsic Capital Partners

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.

SOURCE ACT Laboratories, Inc.