Bend, OR, July 27, 2017 (GLOBE NEWSWIRE) -- Signal Bay, Inc. (OTCQB: SGBY) a leading provider of cannabis testing and advisory services announced today it has signed a definitive agreement to acquire Viridis Analytics MA, LLC., a cannabis testing laboratory located in Southborough, Massachusetts. Financial terms were not disclosed. The transaction is subject to customary closing conditions, and is expected to close no later than July 31, 2017.
CEO Mr. William Waldrop stated, "We are excited to complete the acquisition initially announced last month. This will increase EVIO’s footprint to one of the fastest growing cannabis markets on the East Coast, and will provide a foundation for further expansion. The ArcView group forecasts the Massachusetts cannabis industry could reach $1.1 billion by 2020.”
According to the Massachusetts Executive Office of Health and Human Services (EOHHS), May 31, 2017 report, there are currently 11 Registered Marijuana Dispensaries and 100 with provisional certificates awaiting approval to open. Last November during the general election, voters overwhelming approved recreational marijuana which is currently targeted to be effective July 1, 2018. Mr. Waldrop commented previously that EVIO Labs estimates the Massachusetts total lab testing market is expected to exceed $30 million by 2020.
“As the cannabis industry matures, accredited testing labs are becoming a mandatory part of the cannabis supply chain,” Mr. Waldrop continued, “This marks the third state in which EVIO Labs currently operates, and it plans to expand to several more states during the next two years.”
About Signal Bay
Signal Bay, Inc. (the “Company”) is an Oregon-based life sciences company. Through its three subsidiaries: EVIO Labs, Signal Bay Research, and Signal Bay Services, the Company provides analytical testing services, management advisory services and scientific research to the legal cannabis industry. The Company's EVIO Labs division operates state-of-the-art facilities and offers accredited testing methodologies to ensure the safety and quality of the nation's cannabis supply. Learn more at http://www.signalbay.com or the Company can be reached directly @ 1-888-544-EVIO.
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Source:Signal Bay Inc.