The historic boom in biotechnology over the past few years has driven up demand for laboratory space in the nation’s hottest markets, sending rents soaring and vacancy rates plummeting. Green Technology Solutions, Inc. (OTCBB: GTSO) is working on new solutions to help ease the scarcity.
“The explosion in demand for laboratory space driven by the biotech sector has had a ripple effect across a number of industries,” said GTSO CEO Wallace W. Browne. “Out West, especially, startups and smaller businesses are having difficulty securing the lab space and services that they need to operate. Our company is taking steps towards a possible solution to that problem.”
GTSO is currently working to bring new lab facilities online in a market where the shortage is keenly felt: Colorado. There, growers and retailers in the cannabis industry must now deal with long wait times and rising costs to have their products tested for potency and contamination.
GTSO is seeking out a new permanent location in Colorado for the Class 5 clean room it acquired earlier this year. The clean room is a germ- and pest-free environment where lab technicians can reliably subject cannabis products to scientific and reproducible protocols for testing.
The company is working fast to get the new lab up and running as quickly as possible as demand continues to rise. By establishing a working lab in Colorado capable of testing and demonstrating cutting-edge cannabis products, GTSO expects to help the growing number of cannabis professionals in the U.S. refine their offerings and guarantee product purity and consistency to their customers. The clean room was acquired without a commitment for lease, which was a key consideration for making the deal.