Signal Bay, Inc. (OTC PINK: SGBY), the market leader in cannabis testing and laboratory services, announced to shareholders yesterday that the Company had completed the purchase of Green Style Analytics Lab in Yuba City, California. Signal Bay's EVIO Labs are setting the standard for efficiency within the growing cannabis testing industry. The major acquisition brings the Company's total testing laboratories operating under the "EVIO Labs" brand to five, and positions the Company to capitalize on California's large and significantly underserved cannabis testing market.
In a previous press release, CEO William Waldrop commented: "We are very proud to announce the first of many EVIO Labs facilities in the state of California. Green Style Analytics Lab currently services around 1300 accounts throughout Northern California."
Green Style Analytics serves cannabis growers, processors, and dispensaries in: Humboldt, Trinity, Shasta, Placer, Calaveras and Sacramento counties. Located only around four hours from Signal Bay's Medford, Oregon location, the Company believes the lab will fit seamlessly within its overall "hub and spokes" business model of operating cannabis testing laboratories.
In addition to the 1300 accounts Signal Bay will inherit from the acquisition, Signal Bay will also add key personnel committed to helping the Company execute on its aggressive growth strategy. The Company now has 31 team members working to grow its EVIO Labs division operating in Oregon and California. Signal Bay is well-positioned to realize its stated goal of 18 EVIO Labs throughout California by the end of 2018.
Signal Bay's foray into the Golden State couldn't be better timed. Polling shows that Proposition 64, which will legalize marijuana for recreational use in California, is most likely to pass on November 9. This would result in an overnight tripling of the California cannabis testing market to $300 million annually. In addition, the $100 million current market is widely unmet, with only 5% of cannabis in California currently tested according legislative standards.
California Assembly Bill 266, or AB266 as its commonly known, requires that all cannbis products sold in California whether in flower, oil, or edible form, must be tested by an accredited, independent analytic testing lab after December 31, 2017. In California, Signal Bay is following the template of its successful strategy executed in Oregon, where it is now the dominant player in the state. The Company acquired four testing labs from 2015 to 2016 prior to the implementation of HB3400 in Oregon on October 1, 2016, a law requiring mandatory testing of all cannbis products in the state.
In a previous press release, Mr. Waldrop further commented: "The timing could not be more favorable for us to enter the California cannabis marketplace."
About Signal Bay, Inc.: Signal Bay, Inc. is the Oregon-based Life Sciences company. Through its three subsidiaries: Signal Bay Research, Signal Bay Services and EVIO Labs; the Company provides research, consulting services, and analytical testing services to the legal cannabis industry. The Company's EVIO Labs division operates state-of-the-art testing facilities and offers accredited testing methodologies performed by a qualified team of scientists to ensure the safety and quality of the nation's cannabis supply. Learn more at http://SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. 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. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. 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 https://signalbay.com/investors.
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