The Growing Company Now Has 4 Testing Laboratories Under Operation
SANTA MONICA, CA, Oct. 21, 2016 /PRNewswire/ - Financial Press covers Signal Bay, Inc. (OTC PINK: SGBY) the market leader in cannabis testing and laboratory services.
Signal Bay recently announced the purchase of GreenHaus Analytical Labs. The Portland based lab brings the total number of laboratories now operating as part of the EVIO Labs division of Signal Bay to four.
In a previous press release, CEO William Waldrop commented: "Portland is by far the largest market in Oregon for analytical cannabis testing services and this latest acquisition completes our previously stated goal of building out a "spoke & hub" business model that ensures EVIO Labs can provide a full suite of testing services across the state."
The acquisition represents a significant milestone for Signal Bay, whose EVIO labs are fast becoming the standard in the growing cannabis testing industry, an industry that is expected to grow to $520 million in 2020 as more states look to legalize marijuana for both medical and recreational purposes. This recent acquisition will add even more customers to Signal Bay's customer base of 700. The Company now controls over 95% of the legal cannabis testing space in Oregon.
Mr. Waldrop also stated, "The recent changes in Oregon's cannabis testing requirements in the midst of the fall cannabis harvest has created an extraordinary demand for accurate and timely testing services which we can now provide with full confidence statewide. As of this acquisition, we now have 23 total employees working to meet demand."
Mr. Waldrop continued, "GreenHaus Analytical Labs is an ORELAP accredited lab licensed by the OLCC. Henry Grimmett, the founder of GreenHaus Analytical will join Signal Bay as the newly appointed President of the EVIO Labs division. Mr. Grimmett brings a wealth of experience to Signal Bay including years of outdoor cultivation experience in Humboldt County, California and extensive study and research of plant physiology and plant bio-chemistry at San Diego State University."
Signal Bay expects to announce further acquisitions in the near term, further expanding its customer base and increasing its bottom line and revenue opportunities. The Company is looking to secure its footprint in California next, the largest and most desirable market for cannabis testing. Signal Bay recently announced a Letter of Intent to acquire a major cannabis in the state, which will bring its total operating cannabis testing laboratories to five.
"This key move in California will provide us a solid foundation in what is virtually a wide open market," added Waldrop.
By the end of 2016, Signal Bay is expected to have 5 of its EVIO Labs operating in total, helping more than double the Company's 2015 revenues of a little under $600,000 to over $1.4 million. By 2020, Mr. Waldrop expects the Company to be doing over $45 million in annual revenues operating 30 EVIO Labs.
In a recent release, Mr. Waldrop further commented on the recent acquisition in the Beaver State: "The GreenHaus team is a welcome addition to Signal Bay. Henry's appointment brings proven leadership, expertise, and a wealth of contacts to our EVIO Labs division that will guarantee operational success as we expand our lab division from Oregon into California and across the country. We will have more information on our recently announced California acquisition soon."
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.
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