- Global cannabis testing industry expected to reach $1.42 billion by 2021
- Leading provider of cannabis testing and scientific research for the regulated cannabis industry operating in North America
- EVIO on track to double number of testing labs from nine to 18 in 2018, with 11 currently operating facilities
- Canadian subsidiary EVIO Canada finalizes 50 percent acquisition of Keystone Labs, Inc., a Health Canada-licensed medical cannabis testing facility
EVIO Inc. (OTCQB: EVIO) reached a significant milestone in its expansion plans in early May when its new subsidiary, EVIO Canada, announced its acquisition of a 50 percent stake in Keystone Labs, Inc., a licensed Canadian testing laboratory specializing in quality testing for regulated industries such as cannabis. In a May 3, 2018, news release announcing the deal (http://cnw.fm/V7mNy), William Waldrop, CEO and co-founder of EVIO, said Keystone Labs fits perfectly within the company’s expansion plans.
“As the country prepares for adult recreational sales in the coming months, the need for credible and comprehensive cannabis testing is greater than ever. Keystone Labs is one of 37 laboratories licensed by Health Canada and one of only three laboratories that hold both a Dealer’s License and a GMP Drug Establishment License for cannabis testing,” Waldrop said.
As the established national leader in providing accredited testing services to the cannabis industry, EVIO Inc. provides state-of-the-art analytical testing and advisory services through its EVIO Labs division in accredited laboratory testing facilities in North America (http://cnw.fm/4uGHW). EVIO has grown from its original lab location in Oregon to 10 laboratories in five states and one in Canada. The other recent acquisition announcement (http://cnw.fm/nCmf1) with Leaf Detective now puts two locations in California. The company plans on expanding its line of accredited cannabis laboratory testing facilities to 18 by the end of 2018.
The global cannabis testing market is expected to reach $1.42 billion by 2021, up from the $822 million it recorded in 2016, according to analysts at MarketsandMarkets (http://cnw.fm/AgI1g). Regulators in each of the 30 U.S. states and the District of Columbia where cannabis is legal in some form are grappling with formulating testing standards to ensure consumer safety. EVIO Labs operates under rigorous quality management systems to ensure results are accurate and reliable, with each of its labs either holding or in the process of attaining the ISO 17025 international accreditation and the specific accreditation in its respective state.
“This acquisition is a significant milestone for EVIO as it will mark our first foray into an international market,” Waldrop noted. “Our goal is to increase consumer safety and confidence, while further pursuing our aggressive expansion plans for 2018.”
For more information, visit the company’s website at www.EvioLabs.com
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