EVIO to Double Number of Cannabis Testing Labs from 9 to 18 in 2018
ACCESSWIRE
ACCESSWIREFebruary 28, 2018
Operational in Five States, EVIO to Focus Expansion Primarily on $3.7 Billion California Cannabis Market
SANTA MONICA, CA / ACCESSWIRE / February 28, 2018 / EVIO, Inc., (EVIO) a leading cannabis testing company, is on track to double its number of cannabis testing laboratories in 2018, according to management.
Cannabis testing is one of the fastest growing subsets in the rapidly growing market of legal medical and recreational marijuana. As more states look to legalize cannabis, mandatory testing this new legal product to ensure safety and purity from accredited laboratories is fast becoming the norm. Having conducted over 50,000 tests in two years, EVIO, Inc's scientific expertise in this early stage market has enabled the company to rapidly gain, maintain, and expand its foothold in the five states in which it operates. The Company is now on track to double the number of accredited cannabis testing facilities under operation from 9 to 18 in 2018. The primary focus of this aggressive expansion will be on California, the largest single market for cannabis consumption in the world.
Sales of cannabis in California are estimated to hit $3.7 billion in 2018 alone and potentially increase to $5.1 billion in 2019, according to a report from the cannabis industry research firm BDS Analytics. In this massive market, cannabis testing, mandated by state law, is becoming one of the more attractive industries to investors. At approximately 5% of the total legal cannabis market, cannabis testing companies in California with the capital and expertise to gain market share will be well-positioned to capitalize on a more than $250 million cannabis testing market by 2019 in the state alone.
Helping spearhead and execute EVIO's aggressive expansion plan are two new members to EVIO's management team, Mr. Lustig and Ron Russak who will serve as President and VP of Operations, respectively. Lustig comes from pharmaceutical giant Pfizer where he built, led and helped manage many district, regional and national sales organizations. According to CEO of EVO, William Waldrop, as President of EVIO Lustig will be instrumental in driving growth in both new and existing markets through the execution of our national and international sales and operational strategies. New VP of Operations, Ron Russak, who hails from a 17-year career at Quest Diagnostics, will spearhead the EVIO's portfolio of cannabis testing labs, focusing on scaling existing and new laboratory operations to maximize growth and profitability.
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