A testing company for cannabis, Cannalysis, in a new round of financing has raised $22.6 million as it prepares to bring the latest test for vaping additives to the market. The test, which the corporation is preparing to reveal later this week, will test for the existence and amount of Vitamin E acetate, a chemical compound that might be linked to the vaping related illness that has swept through the United States in the past month.
Brian Lannon, chief executive of Cannalysis said the new product was developed in reaction to the present crisis in the cannabis industry over illnesses associated with vaping cannabis products.
Lannon says, ‘Over the last week, the big story that’s been going out isn’t the product that’s going out in cannabis, but an additive named as Vitamin E acetate. For that, we have developed a test. I’m anticipating based on the phone calls we’ve been getting is that our various patrons want to get the test to show that they’re not using the substance.’
A serial capitalist who formerly founded an action sports apparel company called MetaThreads and HK Army and an esports clothing company, Lannon came to the cannabis industry originally as a user of the substance.
His timing was outstanding. Investors have spent almost $16 billion in North American cannabis companies in the year 2018, double the amount invested only 3 years ago.