- EVIO lab test revenues related to cannabis products grew by 782 percent last year
- Cannabis testing weeds out impurities such as chemicals and fungi while also analyzing potency
- Amid news of acclaimed accreditation in Florida, company plans major nationwide expansion
As the cannabis industry continues to quietly flourish in North America, EVIO, Inc. (OTCQB: EVIO) is providing laboratory testing to help consumers ensure that the plant products they are getting meet stringent standards of healthful quality. The company has gained renown for its services as it provides consulting and high-quality analysis of cannabis plants grown under state-legal programs throughout the United States for food retail, recreational smoking and biomedical purposes.
The company plans to reach a total of 18 laboratories in the United States by the end of the year. In the meantime, clients can bring plant samples into the Oregon-based company’s labs in Colorado or four other states along the East and West Coasts or ask a lab representative to make an on-site visit for random sampling. The lab will visually inspect the plants for signs of mold or foreign matter and analyze the water, microbiological and chemical content to detect bacteria, fungi, solvents and other potential contaminants.
The laboratory analysis not only aims to ensure the purity of the grower’s cannabis product, but the potency as well. A Great Britain study that highlighted the dangers of unregulated marijuana commerce in that country found that almost all cannabis seized during the investigation of illegal activity is of a high-strength variety designed to increase its psychoactive qualities. The study found that the amount of high-potency ‘skunk’ in the drug seizures had increased from 51 percent in 2005 to 94 percent in 2016 in five key regions across the country. The researchers claim that an increasing discrepancy between psychoactive THC and non-psychoactive CBD levels in cannabis could increase the number of users at risk of developing psychotic disorders – a view supported by a number of academics not involved in the research, according to The Guardian (http://ibn.fm/xZUM4).
“This is actually worrying because if we do believe that there are types of cannabis that can be used more safely – because of the presence of cannabidiol – well, at least in this country, these are disappearing,” Dr. Marta Di Forti, one of the authors from King’s College London, stated in the research.
A special report published in The Journal of the American Osteopathic Association in February (http://ibn.fm/WqTcH) echoes the concerns among North American consumers, stating that the higher potency drugs pose mental health risks to some patients, such as schizophrenia and other psychiatric issues, and that health care providers, particularly pediatricians, “should be aware of this, especially for patients who have exhibited symptoms of anxiety and depression, and be willing to have candid discussions about cannabis.”
EVIO’s dedication to ensuring the quality and potency of cannabis products “is a key element of the company’s success and one that should matter most to cannabis consumers, who are often seeking relief from specific ailments. In fact, EVIO Labs Florida recently achieved ISO 17025 accreditation, becoming the first accredited cannabis testing lab in the state,” a recent article about the company states (http://ibn.fm/pcIFB). “This achievement, which marks the highest recognized quality standard in the world for calibration and testing laboratories, means that EVIO Labs Florida consistently produces precise and accurate tests that are implemented under a rigorous quality management system.”
The company’s end of fiscal year statement for 2017’s third quarter reports that testing revenues had grown from $305,679 the previous year to nearly $2.7 million, marking a 782 percent jump, with its consulting services providing a more modest revenue increase to $324,803. Once the expenses of testing and consulting were factored in, EVIO’s gross profit grew from $33,906 in 2016 to $564,507 last year.
The company received a vote of confidence from investors willing to put their money where their heart is when EVIO closed a nearly $6 million private placement that practically doubled the initial $3 million target (http://ibn.fm/eWrp5) earlier this year. EVIO, Inc. has more accredited cannabis testing laboratories in operation than any other company in the industry, and the planned additions aims to ensure its foothold.
For more information, visit the company’s website at www.EVIOLabs.com
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