EVIO Inc. Releases Preliminary Fourth Quarter 2018 Results

EVIO Inc. ("EVIO" or the "Company"), (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry in North America, announced today unaudited analytical testing revenue for its fiscal 2018 fourth quarter ended September 30, 2018. Revenues from North American operations which includes company owned laboratories in Oregon, California, Massachusetts and Alberta, in addition to royalty revenues from licensed laboratories in Colorado and Florida was USD$1.05 million. The Company is expected to post its audited fiscal 2018 full year results in January.

William Waldrop, EVIO’s Chief Executive Officer commented, “We are pleased to report unaudited revenue for the fiscal fourth quarter ending September 30, 2018 of $1,054,000 vs. $634,338 for the previous quarter ending June 30, 2018, representing quarterly growth of 66%. Key drivers for revenue growth included California’s new testing requirements that came into effect on July 1, 2018 and stabilization of the Oregon market. The company has several strategic initiatives underway to continue its momentum. EVIO Labs Berkeley is prepared for the next increase in state mandated testing requirements commencing January 01, 2019. EVIO Labs Humboldt is completing installation and optimization of equipment and is scheduled to provide full compliance testing services in the first quarter of 2019. Los Angeles and Palm Desert laboratories are in the licensing process and are forecasted to come into service during the first half of 2019.”

“In Oregon, the Company is working diligently to improve operational efficiencies and profitability by consolidating Bend, Eugene and Eastern Oregon operations into the new state-of-the-art Portland facility that we acquired in July 2018. This move will substantially reduce costs while maintaining growth and improving quality of service.”

Mr. Waldrop went on to say, “We will continue our operations in Massachusetts in January, 2019 with the opening of a new state-of-the-art facility in Framingham, MA, where we are completing tenant improvements. We anticipate license approval from the Massachusetts Cannabis Commission in the coming weeks. Further, the Company’s licensees in Colorado and Florida are both providing steady royalty revenues on a monthly basis. We note that our Florida licensee recently opened up its second location in Gainesville, FLA.”