(FinancialPress) — In November 2016, voters in Massachusetts legalized recreational marijuana, making the state the first east of the Rocky Mountains to do so. July 1, 2018 marked the first day that a consumer could buy recreational cannabis, although they actually couldn’t because it took until July 2 for the Cannabis Control Commission, the government unit that regulates the industry, to issue its first recreational retail license. To that end, the Commonwealth’s cannabis industry is just starting to get its legs under it, but it is expected to grow fast, reaching $1 billion by 2021, according to Lori Glauser, Chief Operating Officer at EVIO Inc.
EVIO is the parent of EVIO Labs, a leading provider of cannabis testing and scientific research. Headquartered in Bend, Oregon, EVIO has labs in its home state, California, Florida, Colorado, Canada and Massachusetts.
EVIO acquired the lab last summer through the buyout of Viridis Analytics MA, one of only a handful of operating labs in the state, for an undisclosed amount.
Earlier this month, the lab earned its ISO/IEC 17025 accreditation from American Association for Laboratory Accreditation. ISO/IEC 17025 is the highest recognized quality standard in the world for calibration and testing laboratories. As the industry matures, the accreditation has become a mandatory part of the supply chain for independent labs.
Already distinguished from most peers, EVIO Labs has become one of only three labs statewide to initiate the licensing process to be an independent testing laboratory under the Cannabis Control Commission’s recently adopted adult use regulations. Per Massachusetts’ law, every recreational marijuana product must bear a seal indicating that a Commission-licensed independent laboratory has analyzed the product for contaminants and potency levels.
Glauser says that EVIO Labs is now positioned to play a “major role” in the state as the cannabis industry is starting to ramp up.
The cannabis testing market is one of the safer investment plays in what some have called the “Green Rush” of the legalized cannabis market. There have been an explosion of cannabis companies over the last two years, public and private companies offering everything from edible marijuana popsicles to social media platforms geared towards marijuana enthusiasts. Many investors want to invest in this booming market but have a hard time evaluating the risks of the various market subsets let alone the various companies within those subsets. However, cannabis testing is fast becoming attractive to investors looking for a more predictable growth model. Within this industry, EVIO continues to be a leader, and the recent infusion of investment capital will go a long way in cementing its leadership in the industry. Investors looking for a real company with real assets in an exciting and evolving market should take a look at EVIO, Inc.
DISCLAIMER: Online Media Group, Inc. is not registered with any financial or securities regulatory authority and holds no investment licenses and does not provide, nor claims to provide, investment advice. We are a publisher of original and third-party news and information. This article is sponsored content and is neither an offer nor recommendation to buy, sell or hold any security. The views expressed are our own and not intended to be the basis for any investment decision. Investing intrinsically involves substantial risk and readers are reminded to consult an investment professional and complete their own due diligence, including SEC filings, when researching any companies mentioned in this release. This release is based upon publicly available information and, while vetted, is not considered to be all-inclusive or guaranteed to be free from errors. With respect to Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader’s attention to the fact that Online Media Group, Inc. received compensation from EVIO. Inc. for content creation, advertising and distribution services related to this material.