EVIO Inc. Expands Signed Lease Agreement for Palm Desert Facility
Leading cannabis testing continues to dominate California market with additional lab location
BEND, Ore., July 10, 2018 /PRNewswire/ -- EVIO Inc. (OTCQB: EVIO) ("EVIO" or "the Company") a leading provider of cannabis testing and scientific research for the regulated cannabis industry, today announced that it has expanded its footprint in California by signing a 5-year lease agreement for a 7,370 square foot facility in Palm Desert, Calif.
Centrally located to Desert Hot Springs and Coachella, the new facility is strategically positioned amongst the largest cultivators in Southern California. Due to a previous vote by the Desert Hot Springs City Council, marijuana manufacturing operations are currently not taxed – a move that has already drawn increased interest from operators to set up shop in the area.
"Desert Hot Springs was the first city in Southern California to legalize large-scale medical marijuana cultivation causing the area surrounding our Palm Desert location to be inundated by cannabis growers and developers," said William Waldrop, CEO of EVIO. "With this lease signing, EVIO enters a hotbed of powerful cannabis industry players like the Coachella Valley Cannabis Alliance Network, as well as business leaders that are cognizant of the economic boon offered by cannabis."
The new facility will offer comprehensive compliance testing services in addition to research and development into new cannabis products. Due to California's July 1 testing deadline mandating licensed retailers to sell only lab tested product, the company is expecting a significant uptick in the need for testing services and plans to have the facility operational by Fall 2018 to meet this demand.
New Frontier Data projects the value of the California legal cannabis market forecasts to $4.7 billion by 2025. "We are laser focused on positioning EVIO to capitalize on this tremendous growth by pursuing aggressive expansion within the state," said Waldrop. "As the industry matures, users want assurance that they are consuming clean products free of any contaminants, pesticides, and residual solvents. Our goal is to increase consumer safety and confidence in the products they are purchasing."
About EVIO Inc.
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. The Company's 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.
CONTACT INFORMATION
Cheryl Kramp
Director of Marketing
EVIO Inc.
888.544.EVIO
[email protected]
SOURCE EVIO Inc.
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