NEW YORK (MainStreet) Before launching ProVerde Laboratories to test marijuana, Dorian A. Des Lauriers owned a software development company called geoTMS that was predominantly used by local governments in Massachusetts.
"I sold it to Accela for $100 million this month," Des Lauriers told MainStreet. "They just received venture capital funding and we are their first acquisition."
Flush with cash, Des Lauriers plans to use some of the money to build up his new cannabis company to attract other investors.
"We're not a start up," he said. "We're past that point. We have equipment. We're testing. We have customers."
However, until the state of Massachusetts completes its process of issuing dispensary licenses to applicants, ProVerde Laboratories is limiting its testing services to individual medical marijuana patients and caregivers.
"Individuals with a card to possess medical marijuana can drop off a sample to us, and we analyze the cannabinoid profile," said Christopher Hudalla, co-founder and lead scientist in charge of testing technology. "Eventually we will service the dispensary community."Although marijuana is not yet legal in the New England state, proposed legislation includes a mandate for testing.
"It will cost approximately $1.8 million over the next three years to end marijuana prohibition in Massachusetts," said Rob Kampia, executive director of the Marijuana Policy Project. "Marijuana will be legal in the state by 2016."
In the meantime, Massachusetts has set a new standard in the area of testing for the nationwide movement to legalize the plant based drug.
"Massachusetts is one of the recent states to adopt medical marijuana laws," said Mason Tvert, director of communications with the Marijuana Policy Project. "They have learned from other states such as Colorado that testing needs to be accounted for in original legislation."
Testing requirements could include a terpene profile, cannabinoid analysis, detection of heavy metals, pesticides, plant growth regulators (PGRs), residual solvents and mold and fungus, such as Aspergillus.