BEND, Ore.--(BUSINESS WIRE)--
EVIO Labs Reports 66% Increase in Revenue vs. Prior Quarter
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, EVIO’s Chief Executive Officer commented, “We 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 California’s 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€
“In 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, “We 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 Company’s 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 Gainesville, FLA.â€
“On 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, “We 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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