Business
EVIO Inc. Expands Signed Lease Agreement for Palm Desert Facility
EVIO Inc. Expands Signed Lease Agreement for Palm Desert Facility.
About this update from Evio, Inc.
[{"type":"text","content":"\n\n\n\nEVIO Inc. Expands Signed Lease Agreement for Palm Desert Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEVIO Inc. Expands Signed Lease Agreement for Palm Desert Facility\nLeading cannabis testing continues to dominate California market with additional lab location\nPR Newswire\nBEND, Ore., July 10, 2018\n\n\n\nBEND, Ore., July 10, 2018 /PRNewswire/ -- EVIO Inc. (OTCQB: EVIO) (\"EVIO\" or \"the Company\") a leading provider of cannabis testing and scientific research for the regulated cannabis industry, today announced that it has expanded its footprint in California by signing a 5-year lease agreement for a 7,370 square foot facility in Palm Desert, Calif.\n\n\n \n \n\n \nCentrally located to Desert Hot Springs and Coachella, the new facility is strategically positioned amongst the largest cultivators in Southern California. Due to a previous vote by the Desert Hot Springs City Council, marijuana manufacturing operations are currently not taxed – a move that has already drawn increased interest from operators to set up shop in the area.\n\n\"Desert Hot Springs was the first city in Southern California to legalize large-scale medical marijuana cultivation causing the area surrounding our Palm Desert location to be inundated by cannabis growers and developers,\" said William Waldrop, CEO of EVIO. \"With this lease signing, EVIO enters a hotbed of powerful cannabis industry players like the Coachella Valley Cannabis Alliance Network, as well as business leaders that are cognizant of the economic boon offered by cannabis.\"\n\nThe new facility will offer comprehensive compliance testing services in addition to research and development into new cannabis products. Due to California's July 1 testing deadline mandating licensed retailers to sell only lab tested product, the company is expecting a significant uptick in the need for testing services and plans to have the facility operational by Fall 2018 to meet this demand. \n\nNew Frontier Data projects the value of the California legal cannabis market forecasts to $4.7 billion by 2025. \"We are lase...