Signal Bay Inc (OTCMKTS:SGBY) has finalized a definitive deal to buy Viridis Analytics MA, LLC. It is a cannabis testing lab based in Southborough, Massachusetts. As of now, financial terms of deal are not revealed.
Mr. William Waldrop, the CEO of Signal Bay, reported that they are thrilled to close the acquisition initially reported last month. This will enhance EVIO’s footprint in one of the rapidly growing cannabis markets, and will offer a base for further expansion. The ArcView group estimates the Massachusetts cannabis industry to become a market worth $1.1 billion by 2020.
As per the Massachusetts EOHHS, May 31, report, there are presently 11 Registered Marijuana Dispensaries and as many as 100 with interim certificates expecting approval to open. In November 2016, during the general election, constituents overwhelming supported recreational marijuana which is presently targeted to be effective next year in July. Mr. Waldrop expressed previously that EVIO Labs projects the Massachusetts total laboratory testing market is anticipated to surpass $30 million by 2020.
Mr. Waldrop continued that as the cannabis industry matures, official testing laboratories are becoming an integral element of the cannabis supply chain. This development makes Massachusetts the third state where EVIO Labs currently runs, and it intends to expand to numerous more states during the upcoming two years.
Earlier in July, Signal Bay released corporate update to shareholders. The CEO mentioned that their new mantra remains “Coast to Coast”. They intend to have EVIO Labs shown in every market that seeks independent laboratory testing in the region of North America.
The company has made significant improvements in this area, acquiring, streamlining and accrediting four laboratories in Oregon pre-legalization and company’s location in Yuba City, CA. These labs are recording considerable growth on a YoY basis. Signal Bay management is now approaching California with the same optimism and energy, seeking to find local markets and building customer relationships that will enhance shareholder value.