Oregon-based life sciences company Signal Bay announced that one of their three subsidiaries intends to expand their analytical cannabis testing lab to the state of Massachusetts. Signal Bay, Inc. provides analytical testing services, management advisory services, and scientific research to the legal cannabis industry.
Signal Bay entered a letter of intent to purchase an established cannabis testing lab in Southborough, Massachusetts. EVIO will purchase Viridis Analytics, an established testing lab in the state. Signal Bay operates state-of-the-art testing facilities. The company also utilizes accredited methodologies to verify the potency and safety of cannabis flowers and products for sale.
CEO of Signal Bay, William Walthrop expressed his anticipation as EVIO continues to grow. He spoke highly of the current team, equipment, and facilities at Viridis Analytics. Walthrop added, “As we continue to expand our mission of promoting clean cannabis across the US, today we are solidifying our presence as a national service provider by entering a letter of intent to purchase an established cannabis testing laboratory in Massachusetts.”
The Massachusetts Executive Office of Health and Human Services reported in late May that there are 11 registered cannabis dispensaries and 100 with provisional certificates still awaiting approval. Experts are expecting real growth from the recreational cannabis industry in the state.
Walthrop listed off some relevant statistics, “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,” he continued “Last November during the general election, voters overwhelming approved recreational marijuana. According to the ArcView group, the Massachusetts cannabis industry could reach $1.1 billion by 2020.”
EVIO labs will continue to grow outside of the lines of Oregon state. This inorganic expansion to Massachusetts will surely not be the last for the Signal Bay subsidiary. Walthrop and the team at Signal Bay will announce more on the venture soon.