BEND, Ore.--(BUSINESS WIRE)--
EVIO Inc. (“EVIO†or the “Companyâ€), (EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry, announced that EVIO Canada’s 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 Deloitte’s 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. “We anticipate testing 20 cannabis samples per day following Health Canada’s 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,†stated Jodi McDonald of EVIO Canada’s Keystone Labs.
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 Company’s 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 Company’s 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 related industries.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005222/en/