Signal Bay Enters into Definitive Agreement to Acquire Viridis
Analytics MA, LLC
Bend, OR -- July 27, 2017 -- InvestorsHub NewsWire --
Signal Bay, Inc. (OTCQB:
SGBY) a leading provider of cannabis testing and advisory
services announced today it has signed a definitive agreement to
acquire Viridis Analytics MA, LLC., a cannabis testing laboratory
located in Southborough, Massachusetts. Financial terms were not
disclosed. The transaction is subject to customary closing
conditions, and is expected to close no later than July 31,
2017.
CEO Mr. William Waldrop stated, "We are excited to complete the
acquisition initially announced last month. This will increase
EVIOs footprint to one of the fastest growing cannabis markets on
the East Coast, and will provide a foundation for further
expansion. The ArcView group forecasts the Massachusetts cannabis
industry could reach $1.1 billion by 2020.
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. Last November during the general election,
voters overwhelming approved recreational marijuana which is
currently targeted to be effective July 1, 2018. Mr. Waldrop
commented previously that EVIO Labs estimates the Massachusetts
total lab testing market is expected to exceed $30 million by
2020.
As the cannabis industry matures, accredited testing labs are
becoming a mandatory part of the cannabis supply chain, Mr. Waldrop
continued, This marks the third state in which EVIO Labs currently
operates, and it plans to expand to several more states during the
next two years.
About Signal Bay
Signal Bay, Inc. (the Company) is an Oregon-based life sciences
company. Through its three subsidiaries: EVIO Labs, Signal Bay
Research, and Signal Bay Services, the Company provides analytical
testing services, management advisory services and scientific
research to the legal cannabis industry. The Company's EVIO Labs
division operates state-of-the-art facilities and offers accredited
testing methodologies to ensure the safety and quality of the
nation's cannabis supply. Learn more at http://www.signalbay.com or the
Company can be reached directly @ 1-888-544-EVIO.
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