EVIO Increases Ownership in California Cannabis Testing Lab

Published: September 5, 2018

EVIO Increases Ownership in California Cannabis Testing Lab

EVIO Inc., 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.