Equity Stake in Accredited Lab Increases to 90%
BEND, Ore., Sept. 5, 2018 /PRNewswire/ -- EVIO Inc. ("EVIO" or the "Company"), (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry in North America, is pleased to announce that, further to the Company's press release of December 11, 2017, has exercised its option to increase its ownership of Northern California accredited laboratory in Berkeley, Calif., C3 Labs, LLC DBA EVIO Labs.
Under the terms of the 2017 joint venture agreement, EVIO Inc. paid $450,000 in EVIO common stock increasing EVIO's ownership in C3 Labs, LLC DBA EVIO Labs from 60% to 90%. The completion of this purchase closed August 28, 2018.
"We are very pleased with the progress made to date at EVIO and believe exercising this option is an opportunity to create meaningful value for our shareholders," said William Waldrop, CEO of EVIO Inc. "This option allows us to continue the focus on increasing market share in the state of California. Demand for testing services has increased significantly since the new state mandated regulations for all cannabis products to be tested before its sold in retail stores. By taking control, we will be able to more closely drive operational efficiencies and enhance the Company's position within the California market."
EVIO Inc. acquired C3 Labs in January 2018. C3 Labs has been serving the cannabis industry since 2015. C3 Labs has been issued a Cannabis Research and Development business license by the City of Berkeley that permits them to provide cannabis scientific research, product design, development and testing. C3 Labs was one of the nation's first, true, cannabis-focused contract research organization (CRO), with both field services and a state of the art research center. C3 Labs' highly experienced scientists and engineers utilize cutting edge technology to support their customers in analytical chemistry, process chemistry, formulations, and engineering.
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
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Director of Marketing
SOURCE EVIO Inc.