EVIO, Inc. (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry, this morning announced that it has completed an asset purchase agreement to acquire 100% of Leaf Detective, LLC. The independently owned California-based testing lab, Leaf Detective, focuses in analytical laboratory testing for cannabis manufacturers, medical marijuana dispensaries, producers and consumers. This acquisition further expands the company’s foothold in California to meet the anticipated surge relating to the July 1 testing deadline mandating licensed retailers to sell only lab tested product. Per the terms of the agreement, EVIO will form a new entity, EVIO Labs Humboldt, to purchase 100% of Leaf Detective business assets including equipment, brand, customer lists, customer contracts, rental agreements, and equipment leases for total consideration of US $500,000 in a Convertible Promissory Note that is convertible at $1.25 per share. “Leaf Detective holds one of only 28 licenses issued by the Bureau of Cannabis Control to testing facilities. Upon completion of this acquisition, we will upgrade the facility to meet new testing standards and plan to be operational by end of third quarter,” EVIO CEO William Waldrop stated in the news release.
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About EVIO, Inc.
EVIO, Inc. is a life sciences company focused on analyzing cannabis as a means for improving quality of life. The Company provides analytical testing services, advisory services and performs product research in its accredited laboratory testing facilities. The Company’s EVIO Labs division operating coast-to-coast provides state-mandated ancillary services to ensure the safety and quality of the nation’s cannabis supply. For more information, visit www.EvioLabs.com
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