EVIO to Double Number of Cannabis Testing Labs from 9 to 18 in 2018

Operational in Five States, EVIO to Focus Expansion Primarily on $3.7 Billion California Cannabis Market

SANTA MONICA, CA / ACCESSWIRE / February 28, 2018 / EVIO, Inc., (OTCQB: EVIO) a leading cannabis testing company, is on track to double its number of cannabis testing laboratories in 2018, according to management.

Cannabis testing is one of the fastest growing subsets in the rapidly growing market of legal medical and recreational marijuana. As more states look to legalize cannabis, mandatory testing this new legal product to ensure safety and purity from accredited laboratories is fast becoming the norm. Having conducted over 50,000 tests in two years, EVIO, Inc’s scientific expertise in this early stage market has enabled the company to rapidly gain, maintain, and expand its foothold in the five states in which it operates. The Company is now on track to double the number of accredited cannabis testing facilities under operation from 9 to 18 in 2018. The primary focus of this aggressive expansion will be on California, the largest single market for cannabis consumption in the world.

Sales of cannabis in California are estimated to hit $3.7 billion in 2018 alone and potentially increase to $5.1 billion in 2019, according to a report from the cannabis industry research firm BDS Analytics. In this massive market, cannabis testing, mandated by state law, is becoming one of the more attractive industries to investors. At approximately 5% of the total legal cannabis market, cannabis testing companies in California with the capital and expertise to gain market share will be well-positioned to capitalize on a more than $250 million cannabis testing market by 2019 in the state alone.

Helping spearhead and execute EVIO’s aggressive expansion plan are two new members to EVIO’s management team, Mr. Lustig and Ron Russak who will serve as President and VP of Operations, respectively. Lustig comes from pharmaceutical giant Pfizer where he built, led and helped manage many district, regional and national sales organizations. According to CEO of EVO, William Waldrop, as President of EVIO Lustig will be instrumental in driving growth in both new and existing markets through the execution of our national and international sales and operational strategies. New VP of Operations, Ron Russak, who hails from a 17-year career at Quest Diagnostics, will spearhead the EVIO’s portfolio of cannabis testing labs, focusing on scaling existing and new laboratory operations to maximize growth and profitability.

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 accreditation comes on the heels of the recent accreditation of EVIO’s Colorado licensee, PhytaTech CO, in December 2017. All of the EVIO’s 9 operating laboratories are either accredited or in the process of accreditation.

A distinguishing feature of EVIO as compared to other companies in the cannabis testing industry is its uniquely centralized operation, a “hub and spoke” model that management likens to Quest Diagnostics, the leading provider of diagnostic testing services. This model enables EVIO to achieve economies of scale through centralized functions and repeatable lab designs. Additionally, as EVIO add new labs to our portfolio, the model enables it to ensure that all are operating at the same high level of quality standards. This multi-jurisdiction presence is critical, as it provides the company with a broad platform of experience, enabling it to aggregate the best practices from labs across the U.S. EVIO’s “hub and spoke” model of cannabis testing labs are key to fueling expansion and gaining market share in the various territories of operation.

The cannabis testing market is one of the safer investment plays in what some have called the “Green Rusht” of the legalized cannabis market. There have been an explosion of cannabis companies over the last two years, public and private companies offering everything from edible marijuana popsicles to social media platforms geared towards marijuana enthusiasts. Many investors want to invest in this booming market but have a hard time evaluating the risks of the various market subsets let alone the various companies within those subsets. However, cannabis testing is fast becoming attractive to investors looking for a more predictable growth model. Within this industry, EVIO continues to be a leader, and the recent infusion of investment capital will go a long way in cementing its leadership in the industry. Investors looking for a real company with real assets in an exciting and evolving market should take a look at EVIO, Inc.

Online Media Group, Inc. is not registered with any financial or securities regulatory authority and holds no investment licenses and does not provide, nor claims to provide, investment advice. We are a publisher of original and third-party news and information. This article is sponsored content and is neither an offer nor recommendation to buy, sell or hold any security. The views expressed are our own and not intended to be the basis for any investment decision. Investing intrinsically involves substantial risk and readers are reminded to consult an investment professional and complete their own due diligence, including SEC filings, when researching any companies mentioned in this release. This release is based upon publicly available information and, while vetted, is not considered to be all-inclusive or guaranteed to be free from errors. With respect to Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader’s attention to the fact that Online Media Group, Inc. received compensation from EVIO. Inc. for content creation, advertising and distribution services related to this material.

Contact:

Online Media Group, Inc.
info@onlinemediagroupinc.com

SOURCE: Online Media Group, Inc.

ReleaseID: 491154