EVIO Labs Enters Canadian Cannabis Testing Market
Original story from EVIO Labs
EVIO.has announced the establishment of a new and wholly-owned subsidiary, EVIO Canada, which will serve as the parent company for the company’s Canadian operations. Concurrently, EVIO Canada announced that it has entered into a binding agreement to acquire 50% of Keystone Labs a privately-held, independent contract-testing laboratory specializing in quality testing for regulated industries located in Edmonton, Alberta.
Founded in 2005 by Jodi McDonald, President of Keystone Labs, the company provides a full array of high quality analytical and microbiological analyses to pharmaceutical, biotechnological, medical device and natural health product industries according to Good Manufacturing Practices (“GMP”).
“We are thrilled to partner with EVIO Labs. This is an incredible opportunity for Keystone Labs to expand our quality testing services into the cannabis market by supporting the production of safe cannabis for Canadians,” said McDonald. “With the leadership and expertise of EVIO’s highly successful management team working with our experienced team, we are confident in our ability to seize the growing opportunities in regulated cannabis testing and innovation and become a market leader in Canada.”
Beginning in 2018, it is expected that adult recreational cannabis will be available to Canada’s population of approximately 36.3 million. With the Canadian cannabis industry projected to reach C$8.7 billion, according to a Deloitte report titled Recreational Marijuana: Insights and Opportunities, in size over the coming years, this strategic acquisition will expand EVIO’s footprint into the market as well as provide the Company with diversification into other testing fields.
“As the country prepares for adult recreational sales in the coming months, the need for credible and comprehensive cannabis testing is greater than ever. Keystone Labs is one of 37 laboratories licensed by Health Canada and one of only three laboratories that hold both a Dealer’s License and a GMP Drug Establishment License for cannabis testing,” said William Waldrop, CEO and co-founder of EVIO. “This acquisition is a significant milestone for EVIO as it will mark our first foray into an international market. Our goal is to increase consumer safety and confidence, while further pursuing our aggressive expansion plans for 2018.”