Leading cannabis testing provider signs lease agreement for Cannabis Testing Facility
EVIO Inc. (“EVIO” or the “Company”), (OTCQB: EVIO), a leading North American provider of cannabis testing and scientific research for the regulated cannabis industry, announced today it has executed a long-term lease for a 2,700 square foot facility in Los Angeles, California to provide its accredited analytical testing services to the Southern California cannabis market.
Located in the heart of Los Angeles in the Mission Junction District, the new facility is strategically positioned to serve the largest market place in the United States. According to Forbes, Los Angeles was accountable for over 40% of the state’s medical cannabis revenue. With about over 10 million people in Los Angeles County, the market potential for medical and recreational cannabis can surpass entire states like Colorado and Washington. Due to California’s July 1st testing deadline mandating licensed retailers to sell only lab tested product, the company is expecting a significant uptick in the need for testing services. There is a high concentration of distributors planned to operate in the city. This would make L.A. home to the greatest number of legal MMJ and adult-use cannabis businesses of any municipality in the country.
EVIO’s CEO William Waldrop stated, “This is the next step in our mission to expand and meet the demand for our services which is expected to increase significantly as the state rolls out the July 1st state mandated testing deadline. We are focused on positioning EVIO to capitalize on this tremendous growth by pursuing aggressive expansion.”
California is indisputably the largest addressable cannabis market in the world. According to Frontier Financial, the California cannabis market is expected to reach $3.7 billion by the end of 2018 and estimated to be $6.46 billion by the year 2020.
The Los Angeles facility is expected to be completed by Fall 2018.
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.