BEND, Ore.--(BUSINESS WIRE)--
Positioned to Significantly Benefit from California’s Cannabis Testing Regulations
EVIO Inc. (“EVIO†or the “Companyâ€), (EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry in North America, is pleased to announce it now meets California’s Phase 3 cannabis compliance testing requirements. Starting January 1, 2019, the Bureau of Cannabis Control requires additional testing for terpenoids, mycotoxins, heavy metals and water activity. The regulations set forth by the BCC requires licensed retailers to only sell cannabis goods that have met all state-mandated testing requirements.
EVIO Labs Berkeley is one of the first of California’s fully ISO 17025-accredited labs prepared to offer Phase 3 compliance testing. The lab has continued to realize an increased demand for its services and is preparing for the additional projected increase in volume by expanding the lab.
“We are getting inquiries about our services from dozens of high-profile distributors from across the state. Similarly, the number of potential clients with whom we are actively engaged in contracting discussions grows significantly every day,†stated Al Lustig, President of EVIO. “With the pending Phase 3 deadline, the urgency with which licensed distributors search for a compliant cannabis testing laboratory continues to grow. Being one of the few labs ready to offer Phase 3 testing, we are forecasting a significant increase in demand for our services. To minimize impact to our client turn-around times, EVIO Labs Berkeley is currently hiring additional staff and procuring additional equipment for increased capacity and redundancy.â€
The opportunities remain vast. According to the Bureau of Cannabis Control, since July 1st, 2018, 22,096 batches of cannabis product were fully compliance tested by licensed cannabis laboratories in California. With a number of licensees still coming on line, we project testing volume will double in the next six months. EVIO recently announced their preliminary fourth quarter 2018 earnings where CEO William Waldrop stated a quarterly growth of 66% with revenues exceeding $1 million dollars.
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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