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EVIO Inc (OTCMKTS:EVIO) Closes Acquisition Of Approved California Cannabis Testing Lab

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EVIO Inc (OTCMKTS:EVIO) completed the acquisition deal of 60% of C3 Labs, LLC. The company has the option to buy the remaining stake subject to certain terms. Effective January 1, C3 Labs LLC was allowed its provisional testing license from California, and will run under the brand – EVIO Labs Berkeley.

The details

Based in Berkeley, C3 Labs will serve approved California cannabis businesses as per with the guidelines established by the Bureau of Cannabis Control. So far, the State has issued over 400 temporary licenses from the total 1,800 applications filed, with most still awaiting review. The Bureau also implemented emergency guidelines which need all cannabis manufactured or harvested after January 1, 2018 be checked by a licensed testing laboratory. Evaluation guidelines will phase-in, with higher testing requirements on July 1, 2018 as well as on January 1, 2019.

William Waldrop, the CEO of EVIO, reported that the addition of C3 Labs to their network is a remarkable milestone for company. C3 Labs generated more than $1 million in consulting revenues over the course of the last two years, the company intends to continue offering the respective services along with conventional compliance testing. The facility is already equipped with the top analytical testing equipment. It means the facility is all set to become their Northern California hub laboratory.

This acquisition represents a considerable development for EVIO as it continues to focus on extending market reach in the state of California. As it is indicated, the demand for testing services is projected to grow considerably as the state introduces adult-use marijuana market.

In respect to the C3 Labs 60% membership deal, EVIO issued a convertible promissory note valued at $500,000 that has a maturity date post six months from closing and bears no interest. After the maturity period, the note will convert at a rate of $0.75 a share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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