BEND, Ore.--(BUSINESS WIRE)--
Ready to meet testing demands for
EVIO Inc. (âEVIOâ or
the âCompanyâ), (EVIO), a leading provider
of cannabis testing and scientific research for the regulated
cannabis industry, announced that EVIO Canadaâs Keystone Labs in
Edmonton invested $1,100,000 in facility expansion and new
equipment upgrades to prepare for adult cannabis legalization with
the required regulated and compliance testing. Canada makes history
today with Canada's Parliament bill C-45, known as the Cannabis
Act. Parliament bill C-45 has paved a path for Canada to become the
first industrialized country in the world to have legalized
recreational marijuana. The legal pot market is projected to expand
at a compound annual growth rate of 19.75% over the next 13 years,
making it one of the fastest growing areas of the global economy by
a wide margin.
The laboratory expanded its footprint from 3,000
to 6,000 square feet to be able to put in new instruments needed
for the required regulated pesticides testing for adult cannabis
required by Health Canada. The laboratory has also purchased
state-of-the-art equipment including the GC-MS with CTC for Terpene
Residual Solvent Testing and ICP-MS for Heavy Metal Testing. These
machines will be instrumental to the requirements required for
adult cannabis compliance testing.
In addition, the Cannabis Legalization and
Regulation Branch, Health Canada, announced on Friday that the
âMandatory Cannabis Testing for Pesticide Active Ingredientsâ will
be in effect on January 2, 2019. All cannabis produced and sold by
Licensed Producers will be required to test for the absence of the
95 listed pesticides, the testing must be performed at a
third-party laboratory. The laboratory has purchased LC-MS Triple
Quad and GC-MS Triple Quad in preparation for the mandatory
âThe substantial upgrades will increase testing
volumes, resulting in enhanced operating productivity and revenue
growth. With investments in the most advanced lab equipment and the
best, most qualified personnel, we are confident this will improve
the efficiency and speed of our cannabis testing operations within
these jurisdictions for our valued customers and improve our
financial performance for our valued shareholders,â EVIOâs CEO
William Waldrop stated.
EVIO Canada acquired a 50% stake of Keystone Labs
in May 2018.
About EVIO Inc.
EVIO Inc. is a leading provider of cannabis testing and scientific
research for the regulated cannabis industry. The Companyâs EVIO
Labs division operates coast-to-coast providing state-mandated
ancillary services to ensure the safety and quality of the nation's
cannabis supply. The Companyâs EVIO Biosciences Division is
dedicated to the scientific, medical, and psychosocial exploration
of clinical cannabis, cannabinoids, and the endocannabinoid
For more information, visit www.eviolabs.com.
About Keystone Labs
Keystone Labs Inc., located in Edmonton, Alberta, is a privately
held Heath Canada accredited testing facility with a GMP
establishment license. Keystone offers a full array of analytical
and microbiological testing services for pharmaceutical,
biotechnology, medical device, nutraceutical, medical cannabis and
For more information, visit https://keystonelabs.ca/.
Safe Harbor Statement
Any statements in this press release that are not statements of
historical fact maybe considered to be forward-looking statements.
Statements may contain certain forward-looking statements
pertaining to future anticipated or projected plans, performance
and developments, as well as other statements relating to future
operations and results. Words such as "may," "will," "expect,"
"believe," "anticipate," "estimate," "intends," "goal,"
"objective," "seek," "attempt," or variations of these or similar
words, identify forward-looking statements. These forward-looking
statements by their nature are estimates of future results only and
involve substantial risks and uncertainties, including but not
limited to risks associated with the uncertainty of future
financial results, additional financing requirements, development
of new products, our ability to complete our product testing and
launch our product commercially, the acceptance of our product in
the marketplace, the uncertainty of the laws and regulations
relating to cannabis, the impact of competitive products or
pricing, technological changes, the effect of economic conditions
and other uncertainties detailed from time to time in our reports
filed with the Securities and Exchange Commission, available at
www.sec.gov or www.eviolabs.com.
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