Friday, July 13, 2018

Cannabis Testing Leader EVIO Inc. (EVIO) Marks Notable Milestones in California, Oregon and Canada

  • EVIO has completed its acquisition of the award-winning MRX Labs in Oregon
  • The company signed a five-year lease agreement for a facility in the cannabis cultivation hotbed of Palm Desert, California
  • EVIO has announced the filing and receipt of its preliminary non-offering prospectus with the Ontario Securities Commission in Canada
It’s been a busy summer for leading North American cannabis testing and scientific research provider EVIO Inc. (OTCQB: EVIO), which specializes in providing state-mandated ancillary services to ensure the quality and safety of America’s cannabis supply. The company recently acquired an award-winning testing lab in Oregon, has expanded its California footprint with a five-year lease for a new facility in Palm Desert, California, and has announced the filing and receipt of its preliminary non-offering prospectus with the Ontario Securities Commission in Canada.
MRX Labs Acquisition
On July 11, EVIO announced the completion of a previously announced acquisition of MRX Labs, an award-winning testing lab based in Oregon. EVIO has acquired 100 percent of MRX Labs’ assets, which include equipment, real estate, customer lists, customer contracts, rental agreements and equipment leases (http://nnw.fm/x2HiD).
The EVIO Labs Portland facility will be moving its personnel and operation license to what has formerly been the MRX Labs Tigard location. The new lab will operate under the name EVIO Labs Portland. Through this move, EVIO will gain additional operating capacity and add statewide business contacts and customers.
EVIO will build on MRX Labs’ reputation of exceptional customer care and service and will work diligently to make the transition smooth and seamless for MRX Labs’ customers. EVIO will be able to provide clients with the same services they have enjoyed through MRX Labs and will also be better equipped operationally to provide all state-mandated cannabis tests in-house for clients throughout Oregon.
Lease Agreement for Palm Desert Facility
On July 10, EVIO announced the expansion of its California footprint with the signing of a five-year lease agreement for a 7,370-square-foot facility in Palm Desert, California (http://nnw.fm/m5FHZ).
The company’s new facility is located centrally to Desert Hot Springs and Coachella and is strategically positioned among the largest cannabis cultivators in Southern California. Marijuana manufacturing operations are not currently taxed there, due to a prior vote by the Desert Hot Springs City Council, and this has attracted many operators to the area.
Desert Hot Springs was the first Southern California city to legalize large-scale cannabis cultivation—a move that caused the surrounding area to be flooded with marijuana growers and developers. Through the signing of its lease for the new Palm Desert Facility, EVIO has entered this leading hub for powerful players within the cannabis industry, like the Coachella Valley Cannabis Alliance Network, and will benefit from being among business leaders who recognize the economic opportunities cannabis brings.
The facility will provide comprehensive compliance testing services as well as research and development for new marijuana products. California recently imposed a July 1 testing deadline that mandated licensed cannabis retailers to only sell lab-tested products. Because of this, EVIO expects to see a substantial increase in the demand for cannabis testing services, and, in anticipation, the company plans to have the Palm Desert facility operational by fall 2018.
Preliminary Non-Offering Prospectus Filing
EVIO also recently announced the filing and receipt of its preliminary non-offering prospectus with the Ontario Securities Commission (http://nnw.fm/F31kd). This filing was a requirement for EVIO to qualify to become a reporting issuer in Ontario, Canada.
Contained in the preliminary prospectus was important information regarding EVIO and its currently issued securities. The preliminary prospectus is subject to amendment, as may be required by the OSC. Once a review has been completed by the OSC and comments provided regarding the preliminary prospectus, EVIO will move forward with filing its non-offering (final) prospectus with the OSC. As soon as EVIO receives the final receipt for the final prospectus, the company will apply to have its common shares listed on the Canadian Securities Exchange.
For more information, visit the company’s website at www.EVIOLabs.com
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