- EVIO is the leading accredited provider of analytical services for the cannabis industry
- Increase in year-on-year revenue of 438 percent from 2016 to 2017
- Financing of almost $6 million will fund expansion from nine to 18 labs by the end of 2018
In January 2018, life sciences company and leading provider of accredited cannabis analysis and consulting services EVIO, Inc. (OTCQB: EVIO) announced its financial results for the fiscal year ended September 30, 2017. The company generated approximately $3 million in revenue, representing a year-on-year increase of an impressive 438 percent. Currently, EVIO has nine laboratories located in five states, including Oregon, California, Colorado, Florida and Massachusetts. On February 1, 2018, the company announced that it had concluded an agreement for financing of almost $6 million. This will be used to fund EVIO’s proposed expansion of its facilities into other states and cement its leading position as a provider of critical services to the cannabis industry.
EVIO Labs provides its clients with consistent, high-quality services for analysis of cannabis products. The company has established a network of industry professionals to give its clients access to leading scientists, consulting partners and business leaders to ensure the success of their projects. EVIO has implemented rigorous quality management systems in order to ensure the accuracy and reliability of analytical methods. On February 7, 2018, the company announced that its Florida licensee, Kaycha Holdings LLC, had attained ISO 71025 accreditation, making it the first Florida-based cannabis testing lab to do so. ISO 71025 accreditation is the highest quality standard in the world for calibration and testing laboratories. This follows the accreditation awarded to EVIO’s Colorado licensee, PhytaTech CO, in December 2017. All of the company’s other laboratories are in the process of attaining ISO accreditation.
EVIO’s laboratories specialize in analyzing cannabinoids, terpenes and pesticide residues. The company has conducted over 50,000 tests in its laboratories over the last two years, which include tests for moisture content and detection of heavy metals and harmful solvent residuals from cannabis extraction. Apart from its expertise in analytical chemistry, EVIO offers extensive experience in product research and development, as well as the cultivation and production of medical cannabis. In addition, the company provides consulting services to assist cannabis producers and retailers in meeting quality goals, improving production processes and achieving regulatory compliance. Having secured the necessary financing, EVIO is on track to open 18 laboratories around the United States by the end of 2018.
Early in January 2018, the company acquired a 60 percent stake in C3 Labs, LLC, which is based in Berkley, California. In addition, EVIO secured an option to purchase the company outright within the next three years. C3 Labs generated more than $1 million in revenue over the last two years from its 8,000 square foot facility with the latest analytical testing equipment. EVIO’s CEO, William Waldrop, expects the demand for analytical services to increase substantially as California rolls out its adult-use marijuana market.
Having secured funding to proceed with its expansion program, EVIO is strongly positioned to capitalize on the growing demand for analytical services in the cannabis industry as more and more states legalize use of the substance. The company’s program for ISO accreditation for all of its facilities is on track to strengthen EVIO’s leading position as a critical service provider in the cannabis industry.
For more information, visit the company’s website at www.EVIOLabs.com
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