BEND, Ore.--(BUSINESS WIRE)--
EVIO Labs Reports 66% Increase in Revenue vs.
EVIO Inc. ("EVIO" or
the "Company"), (EVIO), a leading provider
of cannabis testing and scientific research for the regulated
cannabis industry in North America, announced today unaudited
analytical testing revenue for its fiscal 2018 fourth quarter ended
September 30, 2018. Revenues from North American operations which
includes company owned laboratories in Oregon, California,
Massachusetts and Alberta, in addition to royalty revenues from
licensed laboratories in Colorado and Florida was USD$1.05 million.
The Company is expected to post its audited fiscal 2018 full year
results in January.
William Waldrop, EVIOâs Chief Executive Officer
commented, âWe are pleased to report unaudited revenue for the
fiscal fourth quarter ending September 30, 2018 of $1,054,000 vs.
$634,338 for the previous quarter ending June 30, 2018,
representing quarterly growth of 66%. Key drivers for revenue
growth included Californiaâs new testing requirements that came
into effect on July 1, 2018 and stabilization of the Oregon market.
The company has several strategic initiatives underway to continue
its momentum. EVIO Labs Berkeley is prepared for the next increase
in state mandated testing requirements commencing January 01, 2019.
EVIO Labs Humboldt is completing installation and optimization of
equipment and is scheduled to provide full compliance testing
services in the first quarter of 2019. Los Angeles and Palm Desert
laboratories are in the licensing process and are forecasted to
come into service during the first half of 2019.â
âIn Oregon, the Company is working diligently to
improve operational efficiencies and profitability by consolidating
Bend, Eugene and Eastern Oregon operations into the new
state-of-the-art Portland facility that we acquired in July 2018.
This move will substantially reduce costs while maintaining growth
and improving quality of service.â
Mr. Waldrop went on to say, âWe will continue our
operations in Massachusetts in January, 2019 with the opening of a
new state-of-the-art facility in Framingham, MA, where we are
completing tenant improvements. We anticipate license approval from
the Massachusetts Cannabis Commission in the coming weeks. Further,
the Companyâs licensees in Colorado and Florida are both providing
steady royalty revenues on a monthly basis. We note that our
Florida licensee recently opened up its second location in
âOn the Canadian front, Health Canada finally
announced on November 8, 2018 the long awaited mandated independent
pesticide testing that goes into effect January 2, 2019. We are
pleased to say we are in final stages of completing the
installation of CDN$1.1M of new laboratory equipment at our
facility in Edmonton, Alberta. This positions EVIO as one of a few
licensed laboratories that may fully serve the testing requirements
of Canadian licensed producers. We look forward to providing our
compliance and safety services across Canada where as of October
17, 2018, cannabis use is federally regulated for both medicinal
and recreational purposes.â
Mr. Waldrop finished up with, âWe could not be
more pleased with our most recent results and the overall
performance of our entire team. We are working together to pioneer
a new industry that is in a constant state of political and
regulatory changes. The EVIO team has had to continually adapt and
reengineer itself to remain both in compliance in a highly
regulated industry and competitive in a new and everchanging
marketplace. We want to thank each of you for your support and look
forward to sharing more with you in the coming weeks.â
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.
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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