(FinancialPress) — Half the U.S. states have legalized marijuana for recreational or medical purposes or both. More states are expected to follow a similar path While the industry is growing rapidly, supply of cannabis products is no longer a concern, but safe supply, however, certainly is. And this is where EVIO (OTCQB:SGBY) comes in. EVIO provides a solution to the newly emerging state-mandated testing of cannabis and cannabis products. In recent years, states are implementing new testing rules to ensure that the products are safe – free of dangerous molds, pesticides, and chemicals, and are also properly labeled for potency. EVIO has rapidly brought together a group of seven labs across the US, and intends to keep on going, particularly in California where testing rules are just now emerging.
While sitting atop the list of consumer and regulatory concerns, safety is only part of the equation. Things like product standardization and accurate THC content reporting are also of utmost importance to cannabis product producers, dispensaries, and governments alike to build quality brands and offer consumers consistent experiences.
According to BDS Analytics, the cannabis industry is growing at a rate of 27% compound annually through 2021, reaching $22.6 billion. Meanwhile, the testing component of the industry is estimated to be 3% of the cannabis market, or nearly $700 million by 2021, according to GreenWave Advisors and EVIO’s own market size estimates. That’s the type of growth opportunity that has management at EVIO, Inc. (OTCQB: SGBYD) moving quickly to build a nationwide footprint of accredited analytical testing and scientific research labs for the regulated cannabis market.
Formerly known as Signal Bay, the Bend, Oregon-based company recently made changes necessary to improve its share structure and better align its company with institutional investors interested in the burgeoning cannabis testing space.
On September 6, 2017, Signal Bay officially changed its name to EVIO, Inc., the name of its laboratory division that generates the lion’s share of corporate revenue now and for the foreseeable future. The EVIO Labs brand has its name cemented in its home market of Oregon and has since expanded into California, Florida and M
Also on September 6, the company effected a shareholder-approved 1-for-100 reverse stock split, reducing the number of outstanding shares from about one billion to approximately 10.2 million. The company also slashed the number of authorized shares to one billion from three billion, indicating that a large number of issued shares is not necessary. With the split, the company achieved a more attractive share price of $1.11.
As with any name change, ticker change and reverse split, the switch is not instantaneous. EVIO will use its new name immediately but will trade under the ticker “SGBYD” until FINRA approves the new ticker symbol as “EVIO,” which is anticipated for October 3, 2017.
With an aligned name and ticker and a meaningfully improved share structure, EVIO CEO William Waldrop and his team will continue to focus their efforts on their aggressive growth strategy to and reach into the country’s biggest cannabis markets. Waldrop summarized the corporate changes succinctly in his conclusion of Wednesday’s press release in saying, “These are exciting times to be part of the fastest growing industry in the world, and EVIO is now prepared to take full advantage of this opportunity.”
Online Media Group, Inc. is not registered with any financial or securities regulatory authority and holds no investment licenses and does not provide, nor claims to provide, investment advice. We are a publisher of original and third party news and information. This article is sponsored content and is neither an offer nor recommendation to buy, sell or hold any security. The views expressed are our own and not intended to be the basis for any investment decision. Investing intrinsically involves substantial risk and readers are reminded to consult an investment professional and complete their own due diligence, including SEC filings, when researching any companies mentioned in this release. This release is based upon publicly available information and, while vetted, is not considered to be all-inclusive or guaranteed to be free from errors. With respect to Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader’s attention to the fact that Online Media Group, Inc. received $2,500 in compensation by EVIO, Inc. for content creation, advertising and distribution services related to this material and other material.