BEND, Ore.--(BUSINESS WIRE)--
Positioned to Significantly Benefit from
Californiaâs Cannabis Testing Regulations
EVIO Inc. (âEVIOâ or
the âCompanyâ), (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 Californiaâs 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
Californiaâs 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.
âWe 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,â stated Al Lustig, President of EVIO. âWith 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
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.
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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