- Research firm Singular Research projects growth for EVIO, analyzing company’s aggressive expansion and noting performance of legal cannabis industry as tailwind
- Newly launched Canadian subsidiary EVIO Canada signs binding agreement to acquire 50 percent of Edmonton, Alberta-based Keystone Labs, Inc.
- EVIO Labs provides testing and scientific research for the regulated cannabis industry
EVIO, Inc. (OTCQB: EVIO) has launched a new wholly owned Canadian subsidiary, EVIO Canada, which concurrently signed a binding agreement to acquire 50 percent of Keystone Labs, Inc., a licensed testing facility for medical cannabis based in Edmonton, Alberta (http://ibn.fm/iauFB). Both the EVIO Labs division and Keystone Labs offer quality testing for the regulated cannabis industry.
EVIO’s aggressive expansion into new markets, and the growth of the cannabis industry, was cited by Singular Research as it projected EVIO, Inc. to reach $10 million in revenues by FY2019 (http://ibn.fm/J8Io4). It noted a New Frontier Data estimate that the U.S. legal cannabis market will grow to $24.1 billion by 2025 (http://ibn.fm/jNKYU).
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. EVIO is on track to have 18 of its state-of-the-art testing facilities by year-end 2018.
Keystone Labs is a contract-testing laboratory licensed to offer a wide array of testing services, including testing of medical cannabis. It holds a Health Canada Controlled Substance License and is a licensed Good Manufacturing Practices (GMP) laboratory with a Health Canada license.
The launch of the new company and its binding agreement for acquisition marks EVIO’s first international expansion. Its aggressive growth was a key factor in the positive projections of Singular Research. The report cited favorable tailwinds in the cannabis sector and initiated its coverage with a $2 price target.
Singular offered analysis of EVIO’s aggressive expansion plans, citing its exploration of “opportunities in many regions including Maryland, Pennsylvania, New York, Michigan, and Canada.” It noted that the company also has aggressive plans to tap into California’s cannabis market.
For more information, visit the company’s website at www.EVIOLabs.com
