EVIO Inc. has announced that it has received an approval from Health Canada on an amendment of its Dealer License that will expand the product and service offering for EVIO Canada's Keystone Labs in Edmonton effective August 24, 2018.
The amendment allows Keystone Labs to support product innovation in the cannabis industry. Keystone Labs can now manufacture, process, package, label, and sell cannabis-related products to Licensed Producers and Licensed Distributors. This will allow Keystone Labs to work with Canadian Licensed Producers as a contract manufacturer of approved cannabis products as well as to perform research and development activities to develop novel extraction methods/technologies and product formulations.
In addition, Keystone Labs will be able to send, transport and deliver legal cannabis (raw materials, samples, processed products, finished goods, etc.) throughout Canada. The ability to send and transport is important, as it will allow Keystone Labs to partner with other third-party test labs to outsource testing that we currently offer our clients and vice versa.
"Being able to manufacture and start product development will accelerate our growth by building strategic partnerships and in anticipation of Canadian legalization on October 17th, 2018," said William Waldrop, CEO of EVIO. "This will generate additional revenue for Keystone Labs along with its analytical testing and R&D. There is a limited number of testing facilities licensed to provide manufacturing services. With this new amendment, we are confident to capture significant market share and will deliver strong shareholder returns."
EVIO Canada acquired 50% stake in Keystone Labs in May 2018.