Las Vegas, Nevada, Sept. 15, 2016 (GLOBE NEWSWIRE) -- Signal Bay, Inc. (OTC PINK: SGBY) a leading provider of cannabis consulting, operations, and laboratory services announced today that they have identified 18 markets in California where they plan to either build out or acquire an existing cannabis testing laboratory to operate under the EVIO Labs brand.
CEO William Waldrop stated, “Let’s first address the state of Oregon. Accreditation approval has allowed us to quickly shift full speed into operations mode and focus all of our efforts on building the business and the brand. We have streamlined our operations across the company in a way that will ensure consistency and efficiency allowing us to meet demand. Our existing Eugene location and pending Portland acquisition are both working within the proper timeframes to become ORELAP accredited and OLCC licensed by October 1st. We are fully staffed and capable of handling any and all business that comes our way in the interim.
Mr. Waldrop also said, “Another positive as a result of the accreditation process is there are fewer labs in the state that we now consider competition. As a result, we have adjusted our annual average revenue projections for our Oregon accounts upward by more than 50% from $1,089 to $1,731 per customer. Once we close on our Portland acquisition, we will be fully capable of covering 95% of the entire market.”
Signal Bay operates state-of-the-art testing facilities and offers reliable accredited testing methodologies that ensure the safety and potency of the nation's cannabis supply. As the legalization of medical and recreational marijuana continues across the country, demand for reliable cannabis testing facilities is increasing.
Mr. Waldrop went on to say, “Now let’s address California. The state has at least ten times the revenue potential of Oregon and based on our most recent review of the state, we believe that 18 cannabis testing labs operating under the EVIO Labs brand is a conservative projection. As we discussed in a recent press release, we are in the process of making our first acquisition in the state and will quickly begin to grow the market beyond that single location. California is generally following Oregon’s lead as it pertains to cannabis regulations, so it’s very familiar to us. Currently only around 5% of cannabis products sold in California are tested, in September 2015, Governor Brown signed Assembly Bill 266, “Medical Cannabis Regulation Safety Act” which mandates 100% of all cannabis products sold in California to be tested by an independent accredited testing laboratory by 2018. With that in mind, we want to be actively engaged in the market to take advantage of as much of that new business as possible. Our current preferred share structure will allow us to secure a significant percentage if not all of the targeted 18 facilities in the state of California.”
Mr. Waldrop finished up by saying, "On September 26th and 27th, we will be a primary sponsor of “The State of Marijuana” event in Long Beach, California. We intend to begin networking immediately and developing new relationships starting with this event that will allow us to roll out operations across California on a scale that is both beneficial to the company and our shareholders. We will have more information to follow in a series of upcoming releases.”
NOTE TO SHAREHOLDERS: We had a misprint in our 10Q release that has caused some confusion. Below is a breakdown of the current share structure:
Authorized Shares: 3,000,000,000
Outstanding Shares as of September 6th: 780,048,869
Float as of September 6th: 454,947,868
For more information on The State of Marijuana, visit: http://stateofmarijuana.com
About Signal Bay, Inc.: Signal Bay, Inc., through its subsidiaries Signal Bay Research, Signal Bay Services and EVIO Labs, provides advisory services, operational management and analytical testing services to the legal cannabis industry. Learn more at http://SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
Notice Regarding Forward-Looking Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Contact: William Waldrop firstname.lastname@example.org (541) 633-4568
Source:Signal Bay Inc.