420 with CNW — Marijuana Rescheduling Likely to Reduce Barriers to Research

The Biden administration’s move to reclassify cannabis as a less hazardous substance is anticipated to ease some of the limitations on research. However, experts caution that while the change will alleviate certain restrictions, it won’t eliminate all of them. Additionally, it may not necessarily reduce the potential risks associated with cannabis or enhance users’ understanding of those risks.

Currently, cannabis is categorized as a Schedule I substance, indicating it is deemed to have a high abuse potential and no recognized medical value. The proposed shift by the Biden administration aims to move cannabis to Schedule III, acknowledging its medical benefits to some extent.

This adjustment is significant as the Schedule I classification imposes stringent regulations that hinder scientific research on cannabis, despite its increasing availability due to changes in state laws. These regulations encompass various aspects such as reporting, storage and security requirements, governed by entities such as the Food and Drug Administration (FDA), the U.S. Drug Enforcement Administration (DEA), local authorities and the Institutional Review Board.

Neuroscientist Staci Gruber of Harvard Medical School and McLean Hospital draws attention to the onerous procedures that researchers must go through, including registering with the DEA and obtaining federal and state permits to perform studies on cannabis.

According to advocates, reclassifying the drug to Schedule III, alongside drugs such as Tylenol and ketamine, will be a significant change that could affect attitudes and viewpoints on the study of drugs in different categories. Gruber sees this change as particularly beneficial for aspiring researchers who will no longer require a Schedule I license, thus facilitating their entry into the field.

Similarly, Dr. Andrew Monte, associate director of Rocky Mountain Poison and Drug Safety, believes that the reclassification will foster more research on the therapeutic benefits and potential risks of marijuana, thereby enhancing the quality of research outcomes.

However, despite the reclassification, Gruber notes that the availability of marijuana for research purposes may not significantly increase. Historically, researchers were limited to obtaining cannabis from a single source: the University of Mississippi. Although the DEA has started approving additional sources since 2021, the accessibility of these sources remains limited, hindering researchers’ ability to study the products commonly used by patients and consumers.

Moreover, there is a lack of comprehensive information regarding the composition of marijuana products available on the market today. Studies suggest that the current THC levels, the primary psychoactive component in cannabis, are substantially higher than in previous decades, posing greater health risks.

Monte warns against overlooking the health risks associated with cannabis, despite its reclassification. He and his colleagues have observed various adverse effects in individuals, such as intoxication and cyclic vomiting syndrome, as well as psychiatric symptoms, including psychosis, leading to hospital visits. Despite the reclassification, addressing these risks requires ongoing surveillance and research efforts, which the reclassification alone may not fulfill.

When the DEA finally announces its cannabis rescheduling decision, entities such as Astrotech Corp. (NASDAQ: ASTC) could see new opportunities for business as their testing equipment starts attracting more interest from the marijuana research community.

NOTE TO INVESTORS: The latest news and updates relating to Astrotech Corp. (NASDAQ: ASTC) are available in the company’s newsroom at https://cnw.fm/ASTC

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — DOJ Court Filing Asserts That Cannabis Supports Tourism Industry

The U.S. Department of Justice (DOJ) is once again urging a federal court to reject a lawsuit filed by prominent cannabis companies aiming to halt the enforcement of federal laws against marijuana activities permitted by states. According to the government, the legalization of cannabis encourages tourism across state lines, giving it the constitutional authority to intervene.

In its recent submission to the United States District Court of Massachusetts, the DOJ disapproved assertions made by marijuana businesses, refuting the notion that federal policies contradict enforcement practices. It further contended that the plaintiffs lacked standing to file the complaint.

According to the DOJ, the plaintiffs contend that the goal of federal cannabis policy is no longer to outlaw the cannabis trade. But even if that claim is accurate, decreasing the marijuana trade is still a worthwhile goal, regardless of whether the government aims for total eradication.

The DOJ also emphasized that the plaintiffs were unable to show that the federal marijuana regulation was illogical. According to its claims, federal regulations give priority to law enforcement resources focused on marijuana-related activities that pose a serious risk to government interests, such as public safety and the prevention of violence.

The lawsuit is spearheaded by Verano Holdings Corp., a multistate operator, along with Massachusetts-based marijuana companies Wiseacre Farm and Canna Provisions, and Gyasi Sellers, CEO of Treevi. Legal representation is provided by Lesser, Newman, Aleo, and Nasser LLP and Boies Schiller and Flexner LLP. David Boies, known for his representation of various high-profile clients, including former Vice President Al Gore, is the lead litigator.

According to the DOJ, the plaintiffs’ claim of harm under restriction, citing the reluctance of financial institutions to engage with their businesses, is unsubstantiated. They pointed out that the department has not coerced any third parties to refrain from transactions with the plaintiffs.

Moreover, the DOJ asserted that the lower court lacked jurisdiction to overturn the 2005 Gonzales vs. Raich Supreme Court ruling, which maintained federal prosecution despite state-level marijuana regulations. The filing highlighted the constitutional holding of Raich, emphasizing Congress’s power to regulate activities with a substantial impact on interstate commerce.

The DOJ contended that Massachusetts’ regulated cannabis industry stimulates cannabis tourism, contributing to interstate commerce. Despite strict controls, the department argued that some cannabis produced in Massachusetts inevitably finds its way into the illicit market.

The plaintiffs’ claim that a congressional rider forbade the DOJ from using funding to impede state medical cannabis programs was also refuted by the DOJ. It maintained that such laws facilitate cooperation between state and federal governments, allowing states to accumulate experience in handling medical cannabis, which can inform future policy decisions.

In addition, the DOJ referenced a letter from the Obama administration instructing federal prosecutors not to intervene in state cannabis laws, which was later revoked under the Trump era. The department justified its alleged policy to focus law enforcement resources on federal interests as rational.

These developments occur amid a U.S. Drug Enforcement Administration (DEA) review of cannabis scheduling, with the recommendation from the U.S. Health and Human Services (HHS) to reclassify marijuana from Schedule I to III. Despite the Biden administration’s stance against criminalizing cannabis use and possession, the DOJ continues to oppose reform efforts, including challenges to the prohibition of marijuana users’ gun rights.

It would be interesting to hear the views about the DOJ position in this case from companies that have an interest in the cannabis industry such as Astrotech Corp. (NASDAQ: ASTC) since the federal department seems determined to do everything in its power to block any calls for marijuana law reform.

NOTE TO INVESTORS: The latest news and updates relating to Astrotech Corp. (NASDAQ: ASTC) are available in the company’s newsroom at https://cnw.fm/ASTC

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Astrotech Corp. (NASDAQ: ASTC) and AgLAB Inc. Use Mass Spectrometer Technology to Significantly Enhance Hemp and Cannabis Production Yield and Profit

The cannabinoid market value in 2023 was $22.23 billion and is expected to grow at a CAGR of 15.3%, resulting in an estimated market value of $60.36 billion
The global mass spectrometry market will reach $6.77 billion in 2024 and is expected to grow at a CAGR of 6.25%, reaching $9.17 billion by 2029.
Astrotech and subsidiary AgLAB Inc. are using mass spectrometry to boost the profitable yield of hemp and cannabis production

The United States has seen a rising awareness of the health and therapeutic benefits of cannabinoids, prompting an expected market increase of 15.3%, from $22.23 billion in 2023 to an anticipated $60.36 billion by 2030 (https://cnw.fm/srapD). Focused on optimizing and improving higher yields, Astrotech (NASDAQ: ASTC), a science and technology development and commercialization company, and its wholly-owned subsidiary AgLAB Inc., have developed a mass spectrometer designed for use in the hemp and cannabis market.

During the process of converting cannabis biomass into distillate, valuable cannabinoids are typically lost resulting in reduced profits. AgLAB’s Maximum Value Processing (“MVP”) Method that uses the powerful AgLAB-1000-D2 mass spectrometer to test and to accurately configure the distillation system for optimal efficiency.

The AgLAB MVP mass spectrometer and its rugged design is built to withstand the demands of the factory floor. The AgLAB-1000-D2 model offers real-time potency tests during each distillation batch cycle. During the distillation process up to 20 tests per hour can be achieved providing almost instant, real-time results which is used to adjust parameters, such as temperature, feed rate, and vacuum, to optimize potency and increase yields for each batch. Currently testing results can take days to complete resulting in little intelligence towards processing efficiency.

“This product and method fill a void by providing an easy and accurate real-time analysis that is used to make the right adjustments and improve the yields,” an AgLAB employee, was quoted as saying in a press release about AgLAB’s 1000 series (https://cnw.fm/G0nkA).

AgLAB’s method has been extensively tested and has shown impressive results, including increased revenue and profit margins. Internal studies have shown an average revenue improvement of $5,000 per 200 kg of crude, with a 24% profit increase. Furthermore, a case study revealed a 32.9% increase in distillate mass, translating to significant weekly and annual revenue gains.

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Analysis of Differences Between Taxes on Marijuana, Sports Betting

In 2021, Arizona witnessed the legalization of two long-operating but previously illicit industries: sports betting and recreational cannabis. This change brought a surge of tax revenue to the state, with one industry outpacing the other significantly.

While sports betting enjoys greater popularity per capita in the state, it contributes only a small percentage of the taxes compared to the marijuana sector.

According to 2023 revenue data, the total wagering amount on sportsbooks in the state was almost five times greater than the state’s entire marijuana sales. However, despite this, the tax revenue from cannabis companies was more than eight times higher than that from sports betting.

According to the state’s Gaming Department, more than $6.5 billion was collected through sportsbooks and betting apps in 2023. However, sports betting companies paid somewhat more than $34.8 million to the state treasury, which was placed in the general fund. In contrast, the state’s Revenue Department reported that retail marijuana sales, encompassing both recreational and medical sales, amounted to about $1.36 billion in the same period, with tax collected from these sales being $284.3 million.

The disparity in tax rates between the two sectors can be attributed to the distinct regulatory frameworks governing them. The marijuana market bears a heavy tax burden, with several levies imposed on every sale. Marijuana dispensaries in the state are required to report sales for both recreational and medical purposes. Additionally, besides the standard sales tax, dispensaries are subject to a 16% state excise tax. Revenues generated from this tax are allocated to various sectors including public safety and community colleges.

On the other hand, laws governing sports betting in the state stipulate that taxes are paid on net revenue following payouts to successful bettors rather than the whole amount wagered. As a result, the state receives less tax money from larger reimbursements. Moreover, sportsbooks can deduct expenses such as promotional offers and free bets from their gross revenue, further reducing the taxable amount. Last year, more than $196 million in free bets were distributed by sportsbooks in Arizona, diminishing potential tax revenue by almost $20 million.

Compared to other states that have legalized sports betting, Arizona levies a lower 10% tax on gross wagering earnings from operators. Massachusetts taxes sportsbook profits at 20%, whereas Illinois taxes them at 15%. The tax rates in New Hampshire, Rhode Island and New York are notably higher, at 51%.

While it is possible to make changes to the current statutes, doing so may be difficult because neither was created by the state’s legislature. Recreational cannabis was legalized through a ballot vote in 2020, while sports betting was approved via a renegotiated gaming agreement between Arizona’s state government and native American tribes.

The Arizona marijuana community has expressed concerns about the excessive tax loads in comparison to the sports betting sector.

Mazor Collective CEO Lilach Mazor Power expressed frustration, highlighting the perceived greater social value of the marijuana industry. Mazor Power stated that the sports betting sector may potentially do more. She also stressed that not everyone involved in the marijuana industry makes significant money, so it’s important to be wary of assuming that everyone is wealthy.

Representatives of the gaming sector, on the other hand, state that even with its widespread appeal, sports betting only generates marginal returns when contrasted with other gaming options, such as slot machines or board games.

When the excessive taxes to which the marijuana industry is subjected reach untenable levels, there could be a domino effect that could result in reduced business opportunities for ancillary companies, such as Astrotech Corp. (NASDAQ: ASTC), that serve verticals within the cannabis industry.

NOTE TO INVESTORS: The latest news and updates relating to Astrotech Corp. (NASDAQ: ASTC) are available in the company’s newsroom at https://ibn.fm/ASTC

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Astrotech Corp. (NASDAQ: ASTC) Reports 512% Jump in YTD Revenue

Astrotech reported financial results for the quarter ended December 31, 2023, recording year-to-date revenue of $1,540,000
The company attributed the growth to the successful fulfillment of two significant purchase orders for the TRACER 1000(TM), the world’s first mass spectrometer-based explosive trace detectors (“ETD”), to customers in Romania
Astrotech is focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries 1st Detect Corp., AgLAB Inc., Pro-Control Inc., and BreathTech Corp.
The company and its subsidiaries are positioned to capitalize on burgeoning markets, including the global mass spectrometry market, expected to grow from an estimated $6.77 billion in 2024 to $9.17 billion by 2029

Astrotech (NASDAQ: ASTC), a science and technology development and commercialization company, focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries, recently released financial results for the three months ended December 31, 2023 (“Q2 2024”).

The company recorded a 512% jump in its year-to-date (“YTD”) revenue to $1,540,000 from $301,000 in the comparative period a year before. Astrotech attributed this growth primarily to two significant purchase orders for the TRACER 1000(TM) explosive trace detectors (“ETDs”) to customers in Romania, which the company, through 1st Detect Corp., successfully delivered on (https://cnw.fm/bDHtl).

The subsidiary 1st Detect develops, manufactures, and sells mass-spectrometer-based trace detectors – including the TRACER 1000(TM), the world’s first mass spectrometer-based ETD – for use in the security and detection markets. It is one of Astrotech’s wholly owned subsidiaries formed to explore and capitalize on opportunities in disparate markets. The other subsidiaries include Astrotech Technologies Inc, AgLAB Inc., Pro-Control Inc., and BreathTech Corp.

A recent SNS Insider article (https://cnw.fm/4ermr) confirms that “the Explosive Trace Detection Market is witnessing significant growth driven by increasing security concerns, particularly in transportation, critical infrastructure, and public spaces”. Specifically, it indicates: “The Explosive Trace Detection Market, valued at USD 1137.50 million in 2022, is projected to achieve a significant milestone, reaching USD 2250.60 million by 2030.” This market is yet another fast-growing and important opportunity for 1st Detect and the superior mass spectrometry technology it offers. The article continues that “there is a growing demand for advanced ETD systems that offer higher sensitivity, faster detection times, and improved ease of use”, the very capabilities that 1^st Detect represents. In particular, 1st Detect holds an exclusive AMS Technology license from ATI for air passenger and cargo security applications.

For its part, AgLAB has developed a mass-spectrometer-based chemical analyzer, the AgLAB 1000 series, and the AgLAB Maximum Value Process(TM) (“AgLAB MVP for use in botanical distillation and specifically, the hemp and cannabis sectors. AgLAB uses its proprietary mass spectrometry instrumentation on the manufacturing floor to test and analyze distilled cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”) oils quickly, easily, and continually, providing immediate information that not only maximizes potency but also improves the ending weight yields of every batch. According to AgLAB’s analysis, its mass spectrometers improve yields by an average of 34% (https://cnw.fm/2bp9w).

The U.S. cannabis market, which combines the recreational cannabis, medical cannabis, and therapeutic cannabis segments, is expected to experience significant growth in the coming years, according to Statista, reaching a projected $39.85 billion in revenue in 2024 and $67.15 billion by the end of 2028. The market is projected to grow at a CAGR of 13.93% during this forecast period (https://cnw.fm/SApA8). Globally, the cannabis market is projected to reach revenue of $60.79 billion in 2024 and $102.90 billion by 2028, representing a CAGR of 14.06% (https://cnw.fm/AksQn).

Beyond the U.S. cannabis and cannabinoids markets, Astrotech is positioned to capitalize on and benefit from the growth in the global mass spectrometry market, which is expected to grow from an estimated $6.77 billion in 2024 to $9.17 billion by 2029, representing a CAGR of 6.25%. “One of the major driving factors for the growth of the mass spectrometry market is the technological advancements in mass spectrometer devices,” wrote Mordor Intelligence in its report (https://cnw.fm/ZARLT).

Pro-Control subsidiary is expected to benefit from the global industrial automation and control systems market that is valued at USD 172.26 billion in 2022 with a compound annual growth rate (“CAGR”) of 10.5% from 2023 to 2030. The Pro-Control 1000(TM) mass spectrometer is designed to measure, test, and increase efficiencies in the chemical manufacturing processes.

Pro-Control MVP(TM) uses mass spectrometry instrumentation to monitor and control the fractional distillation of bulk chemicals using real-time in-process samples. “The Pro-Control subsidiary was launched late Q2 2024, and we look forward to introducing Pro-Control to chemical manufacturers who are using all types of distillation,” said Thomas B. Pickens, III, Astrotech’s Chairman, CEO, and CTO.

The BreathTech subsidiary is continuing its development of a breath analysis device that can provide early detection of lung diseases so that targeted antibiotics can be administered within minutes vs. days under current lab conditions. “The early BreathTech work was focused on COVID, but as vaccines were introduced and the effect of the disease outbreaks diminished, we have expanded our breath work to include other lung diseases that would benefit from early identification,” said Mr. Pickens.

The BreathTech subsidiary is continuing its development of a breath analysis device that can to provide early detection of lung diseases so that targeted antibiotics can be administered within seconds vs. days under current lab conditions. “The early BreathTest work was directed exclusively to COVID, but as the vaccines too effect and the disease outbreaks diminished, we have expanded our breath work to include other lung diseases that would benefit from early identification. The testing of these diseases is ongoing and we remain optimistic over our most recent results,” said Mr. Pickens.

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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CannabisNewsBreaks – Astrotech Corporation (NASDAQ: ASTC) Introducing Breakthrough Technology, Potential ‘Game Changer’ for the Cannabinoid Industry

Astrotech (NASDAQ: ASTC) is an instrumentation company that is focused on commercializing its proprietary ATi Mass Spectrometer Technology(TM). Its subsidiary, AgLAB Inc., has breakthrough mass spectrometry technology in its AgLAB-1000-D2 mass spectrometer, a ruggedized factory floor analytical instrument designed to quickly and easily analyze complex chemical compounds found in organic plant materials, and the Maximum Value Process(TM) testing method (“AgLAB MVP”). “AgLAB MVP is designed to improve yields and bottom-line profits for hemp (‘CBD’) and cannabis (‘THC’) producers of CBD-THC oils by up to 30%… Using the AgLAB MVP solution, customers are now able to analyze the oils during processing and make near real-time adjustments that can boost the ending-weight yields and potencies,” a recent article reads. “We are proud to introduce the AgLAB MVP, a breakthrough technology that is more accurate and faster than any other testing method. The AgLAB MVP is very fast and is easy to learn with results that more than pay for itself starting on the first day of use. We believe this is a game changer for the cannabinoid industry and processors must use the AgLAB MVP to stay competitive,” said Tom Pickens, CEO and CTO of Astrotech.

To view the full article, visit https://cnw.fm/mu9eF

About Astrotech Corporation

Astrotech is an innovative science and technology company that invents, acquires and commercializes technological innovations while building scalable companies to maximize shareholder value. For more information, please visit www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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Astrotech Corp. (NASDAQ: ASTC) Subsidiary AgLAB: Breakthrough Technology For Ag-Distillers

Astrotech subsidiary AgLAB demonstrates the capability of significant improvements in yields for large scale producers of hemp and cannabis CBD-THC oils using breakthrough mass spectrometry technology
The company’s AgLAB 1000-D2(TM) mass spectrometer and the Maximum Value Process(TM) testing method (“AgLAB MVP(TM)”) allows large-scale distillers to analyze oils during processing, and make real-time adjustments to boost yields and potencies
Field trials resulted in improved ending-weight yields by an average of 30%, which can translate into bottom-line profits
Astrotech presented the AgLAB Maximum Value Process at last year’s MJBizCon in November, it is the premier global hemp and cannabis business conference and tradeshow

AgLAB, Inc., a subsidiary of Astrotech (NASDAQ: ASTC), has breakthrough mass spectrometry technology in its AgLAB 1000-D2 mass spectrometer and the Maximum Value Process(TM) testing method (“AgLAB MVP”). AgLAB MVP is designed to improve yields and bottom-line profits for hemp (“CBD”) and cannabis (“THC”) producers of CBD-THC oils by up to 30%.

Large scale CBD and THC oil processors use molecular distillation systems (“MDS”) to produce the valuable oils that are used in lotions, pills, tinctures, and cartridges. Using the AgLAB MVP solution, customers are now able to analyze the oils during processing and make near real-time adjustments that can boost the ending-weight yields and potencies.

“The AgLAB 1000 is a powerful tool for large-scale distillers. This product and method fills a void by providing an easy and accurate real-time analysis that is used to make the right adjustments and improve the yields,” said Joe Levinthal, Chief Science Officer and Master Distiller of AgLAB.

“We are proud to introduce the AgLAB MVP, a breakthrough technology that is more accurate and faster than any other testing method. The AgLAB MVP is very fast and is easy to learn with results that more than pay for itself starting on the first day of use. We believe this is a game changer for the cannabinoid industry and processors must use the AgLAB MVP to stay competitive,” commented Tom Pickens, CEO and CTO of Astrotech.

The AgLAB-1000-D2 mass spectrometer is a ruggedized factory floor analytical instrument designed to quickly and easily analyze complex chemical compounds found in organic plant materials.

About Astrotech Corporation

Astrotech (NASDAQ: ASTC) is an instrumentation company that is focused on commercializing its proprietary ATi Mass Spectrometer Technology(TM) that is now used in airports and agriculture applications throughout the world.

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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CannabisNewsBreaks – Why Astrotech Corporation (NASDAQ: ASTC) Is ‘One to Watch’

Astrotech (NASDAQ: ASTC ) is an instrumentation company that designs, manufactures and commercializes solutions. These include mass spectrometry, process controls, chemical detectors and medical disease detection. The company is headquartered in Austin, Texas, and owns four subsidiaries: Astrotech Technologies Inc., 1st Detect Corp., AgLAB Inc., and BreathTech Corp. “Between 2016 and 2019, the company secured U.S. patents for its technology and achieved European Union (‘ECAC’) certification for the TRACER 1000(TM), the world’s first mass-spec Explosives Trace Detector (‘ETD’) used in airports worldwide,” a recent article reads. “Astrotech continues to innovate and add to its suite of products, including AgLAB-1000, a process control system, and the BreathTest 1000, a disease detection solution.”

To view the full article, visit https://cnw.fm/8vFUf

About Astrotech

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://ibn.fm/ASTC

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Astrotech Corp. (NASDAQ: ASTC) Announces New Mass Spectrometry Technology Application for Chemical Manufacturing and Introduces the Pro-Control Subsidiary

Astrotech’s newest subsidiary, Pro-Control, will use the company’s mass spectrometer technology to improve purity, and yields of distilled chemicals
Pro-Control delivers value by improving lost yields and delivering found profits directly to the bottom line with little, which the company believes will lead to an overall increase in profitability
Astrotech believes that the Pro-Control MVP has the ability to routinely improve yields from 20% to 30%
The company is introducing its proprietary ATi Mass Spectrometer Technology into the vast chemical manufacturing and process control markets

Astrotech (NASDAQ: ASTC), is an instrumentation company that is focused on commercializing its proprietary ATi Mass Spectrometer Technology(TM) that is now used in airports and agriculture applications throughout the world.

Astrotech continues to expand its ATi Mass Spectrometer Technology into new markets and has announced the introduction of its newest Pro-Control-1000(TM) product line of instrumentation designed to improve chemical manufacturing efficiencies. Astrotech is also announcing the creation of its newest wholly owned subsidiary, Pro-Control, Inc. that has been awarded an exclusive ATi field-of-use license for worldwide chemical manufacturing and process control applications.

The Pro-Control-1000(TM) mass-spec is ideally suited for use in the chemical manufacturing industry due to its rugged design and highly reliable chemical analysis.

The Pro-Control-1000(TM) is easy to operate with daily auto-calibration and auto-tune. The custom library feature makes it easy to create a unique chemical library. And the programable user interface adapts to every chemical manufacturing application and testing protocol.

The Pro-Control-1000(TM) product line includes two models:

The Pro-Control-1000-D1(TM) is a fully automated mass spectrometer that is configured to continually analyze the process gases while adjusting the PLC controls (temp, flow, pressure), for Maximum Value Processing (max purities and yields).
The Pro-Control-1000-D2(TM) is a manually prepared test that analyzes in-process liquids while providing graphical feedback needed to adjust the operating parameters (temp, flow, pressure) for maximum efficiency.

According to Mordor Intelligence, the global mass spectrometry market is estimated to reach $6.37 billion in 2023 and is expected to grow to $8.63 billion by 2028 at a CAGR of 6.25%. The market’s growth is being driven primarily by the technological advances in the mass spectrometer device market. The key market players are continuously working to advance existing products and launch innovative advanced mass spectrometer devices into various applications including chemical manufacturing (https://cnw.fm/DxoIo). Pro-Control is offering its proprietary mass-spec technology to customers that are interested in significantly improving the purity and yields and profits from the manufacturing of distilled chemical products.

Thomas Pickens, CEO and CTO of Astrotech said, “The company is very excited to be introducing our new Pro-Control, Inc. subsidiary along with the very capable Pro-Control-1000(TM) family of rugged mass-spectrometers. The ideal Pro-Control customer is a large-volume manufacturer of chemical products seeking to improve bottom line profits. We believe that Pro-Control MVP can routinely improve manufacturing yields from 10% to 30% and we are excited to introduce our technology to the vast chemical manufacturing market.”

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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Astrotech Corp. (NASDAQ: ASTC) Is ‘One to Watch’

In November 2023, the company announced a purchase order from a Romanian company for seven TRACER 1000 ETDs to be deployed in a European airport
Astrotech announced in June 2023 that its board unanimously rejected an unsolicited acquisition proposal from BML Investment Partners
In May 2023, the company announced a purchase order from a Romanian company for 17 TRACER 1000 ETDs, to be delivered during calendar 2023
Astrotech confirmed test results from field trials of the AgLAB 1000-D2 mass spectrometer for hemp and cannabis producers, improving yields by an average of 24%
In December 2022, the company effected a 1-for-30 reverse stock split, reducing the number of outstanding common shares

Astrotech (NASDAQ: ASTC) is an instrumentation company that designs, manufactures and commercializes solutions. Its solutions include mass spectrometry, process controls, chemical detectors and medical disease detection.

The company was established in 1984 and, prior to 2009, was known as SPACEHAB Inc., a NASA contractor offering technology originally developed for NASA to monitor air quality on the International Space Station. When the Space Shuttle program ended, the company focused on its satellite processing and mass spectrometer instrumentation units and adopted the Astrotech name.

In 2014, Astrotech sold its satellite subsidiary to focus on its Astrotech Technology Inc. (“ATi”) mass spectrometry solutions, which offer a number of advantages over competing platforms. Notably, Astrotech’s ATi technology is ruggedized, rapid, simple to use and customizable, with hands-free calibration and tuning.

Between 2016 and 2019, the company secured U.S. patents for its technology and achieved European Union (“ECAC”) certification for the TRACER 1000(TM), the world’s first mass-spec Explosives Trace Detector (“ETD”) used in airports worldwide. Astrotech continues to innovate and add to its suite of products, including AgLAB-1000, a process control system, and the BreathTest 1000, a disease detection solution.

Astrotech is headquartered in Austin, Texas.

Subsidiaries

Astrotech Technologies Inc.

Astrotech Technologies Inc. (“ATi”) owns and licenses the platform mass spectrometry technology originally developed by 1st Detect. This technology is designed to be less expensive, smaller and easier to use than traditional mass spectrometers.

Unlike other technologies, ATi works under high vacuum, which eliminates competing molecules, yielding higher resolution and fewer false alarms. The company’s intellectual property includes 18 granted patents, along with extensive trade secrets.

ATi exclusively licenses the Astrotech Mass Spectrometer Technology to the three wholly owned subsidiaries of Astrotech.

1st Detect Corp.

1st Detect Corp. developed the TRACER 1000, the world’s first mass spectrometry-based explosives and narcotics trace detector. 1st Detect ETDs were developed for use at airports, cargo facilities and other secured locations and borders worldwide.

1st Detect’s commercial sales of the TRACER 1000 ETD, consumables and recurring maintenance services brought in $750,000 in total revenue during the fiscal year ended June 30, 2023. The Astrotech subsidiary recently secured two orders for a total of 24 Tracer 1000 units from two Romanian security and telecommunications companies, to be delivered during calendar 2023.

AgLAB Inc.

AgLAB Inc. is developing a series of mass spectrometers for use in the hemp and cannabis market, with an initial focus on optimizing yields in the distillation processes.

AgLAB, which uses the company’s proprietary AgLAB 1000-D2(TM) mass spectrometer, has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During field trials, AgLAB was able to improve ending-weight yields by an average of 24%.

BreathTech Corp.

BreathTech is developing the BreathTest-1000(TM), a breath analysis tool to screen for volatile organic compound (“VOC”) metabolites found in a person’s breath that could indicate they may have a compromised condition including but not limited to a bacterial or viral infection. The company believes that new tools to aid in the battle against COVID-19 and other diseases remain of the utmost importance to help more quickly identify that an infection may be present.

Market Opportunity

A report by Mordor Intelligence, a research and advisory firm, put the global mass spectrometry market at $6.37 billion in 2023. The market is forecast to grow to $8.63 billion by 2028, achieving a CAGR of 6.25% during the forecast period.

One of the major driving factors for the growth of the mass spectrometry market is technological advancements in mass spectrometer devices, the report states. Key market players are continuously working toward advancing their existing products and launching innovative and advanced mass spectrometer devices.

Another major factor that is expected to boost market growth is increasing research and development expenditure by both government and private entities, according to the report. Mass spectrometry devices are also being used in the detection and analysis of COVID-19 and other disease samples, which may have a positive impact on the market.

Management Team

The Astrotech leadership team includes management executives, as well as industry and technology experts. The company continues to actively expand its talent pool to meet evolving demands.

Thomas B. Pickens III is Chairman, CEO and Chief Technology Officer of Astrotech Corp. He also serves as CEO of Astrotech subsidiaries ATi, 1st Detect, AgLAB Inc. and BreathTech Corp. Previously, he was the founder and president of Beta Computer Systems Inc. and T.B. Pickens & Co. He was founder and general partner of Grace Pickens Acquisition Partners L.P and managing partner of Sumpter Partners. He also served as CEO of Catalyst Energy Corporation and United Thermal Corporation and as president of Golden Bear Corp., United Hydro Inc. and Slate Creek Corp. He received a B.A. in Economics, Computer Science and Engineering from Southern Methodist University.

Jaime Hinojosa, CPA, is CFO at Astrotech Corp. He joined the company in 2015 and has served as its Corporate Controller since 2019. His previous roles with the company include Director of Finance, from 2017 to 2019, and Assistant Controller, from 2015 to 2017. Prior to joining Astrotech, Mr. Hinojosa worked as an Accounting Manager for O’Reilly Auto Parts and gained public accounting experience as an Audit Manager at Burton McCumber & Cortez LLP.

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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