BEND, Ore.--(BUSINESS WIRE)--
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 is ready to prosper and service the Canadian cannabis
legalization market. According to cannabis research firm ArcView,
legal cannabis sales across North America have increased by 33% in
2017 and forecast to grow by an average of 28% per year through
2021, leading to nearly $25 billion in annual sales. Since
legalization in Canada on October 17, 2018 many legal retail
outlets across Canada have reported selling out of stock and
Licensed Producers are struggling to replenish supplies.
Canada is showing strong sales, as reported by
Deloitteâs market report, stating the Canadian market will be worth
at least USD 5 Billion per year in sales to start.
On the heels of the recent announcement of
Keystone Labs investing in significant expansion of the lab and
equipment upgrades, this will increase testing volumes, resulting
in enhanced operating productivity and revenue growth. âWe
anticipate testing 20 cannabis samples per day following Health
Canadaâs requirements by spring 2019. The goal will be to test 40
samples per day by the end of 2019. Keystone Labs plans to
duplicate equipment and add additional technical staff to meet
ongoing growth,â stated Jodi McDonald of EVIO Canadaâs Keystone
Health Canada has recently increased the
requirements for stringent pesticides testing. On January 2, 2019,
licensed producers and processors will be required to use third
party analysis to confirm the absence of 96 pesticides in all
cannabis products. Keystone Labs will meet the Canadian industry
demand with new specialized equipment.
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 system.
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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