Evio Inc Stock Price, News & Analysis

EVIO, Inc. provides a shareholder update on financial results for FY 2020. Gross margin improved to $148,927, with revenues slightly down by 5% to $3.6 million. Cost reductions led to a 23% decrease in testing service costs and a 30% reduction in SG&A expenses. The company withdrew its LOI with Leading Edge Pharms due to regulatory concerns. New initiatives include plans for psychedelic substance testing following regulatory changes. EVIO aims to enhance its financial position and diversify its operations amidst challenging market conditions.

EVIO Inc. (OTC: EVIO) announced plans to subscribe to the OTC Disclosure and News Service and qualify its common stock for the Pink Current Information Tier. The company intends to file its financial statements and other required documents while simultaneously submitting Form 15 with the SEC to suspend its reporting obligations. Despite this, EVIO’s common stock is expected to continue trading on the OTC Pink Sheets market. CEO Lori Glauser stated that high audit costs prompted this decision, emphasizing a focus on alternative reporting methods to maintain transparency with shareholders.

EVIO Inc. (OTC: EVIO) has signed a Letter of Intent to acquire Leading Edge Pharms, Inc. (LEP), a biotechnology company based in Henderson, Nevada. LEP specializes in cannabinoid therapies and innovative drug delivery systems, with products including the CANNAVERA™ line for topical pain relief. This acquisition is expected to provide EVIO with immediate access to the U.S. CBD market, estimated at $6 billion, and bolster its product offerings. The deal includes due diligence and regulatory reviews, with plans to integrate LEP’s management into EVIO's structure, further enhancing its operational capabilities.

EVIO Inc. announced the appointment of Jeremy L Sackett as Chief Science Officer. Sackett, founder of Cascadia Labs, brings over a decade of expertise in cannabis testing operations, aiming to enhance EVIO Labs' technical operations in California, Oregon, and Canada. He will focus on developing new services for cannabis, hemp, and pharmaceutical testing, while continuing to support the cannabis marketplace as Co-Chair of the California Cannabis Industry Association. His extensive background is expected to drive EVIO's growth and operational excellence.

EVIO Inc. (OTC PINK:EVIO) has announced the launch of full compliance cannabis testing through its subsidiary, C3 Labs, LLC dba Steep Hill CA. This follows the merger with Steep Hill CA, creating one of the largest cannabis testing labs globally, located in Berkeley, CA. The lab is fully licensed by the California Bureau of Cannabis Control and accredited to ISO 17025 standards. Additionally, the lab conducts testing for CBD and hemp products, further solidifying EVIO's market position as demand for safe cannabis products continues to grow.

ANY LAB TEST NOW has partnered with EVIO (OTC PINK:EVIO) to provide testing for hemp oil and CBD products. This collaboration introduces the ISO-17025 accredited CBD Safety Panel, allowing manufacturers and retailers to ensure product safety and transparency. The panel includes tests for cannabinoid profiles, pesticides, heavy metals, and more. With over 180 locations across the US, this partnership aims to enhance consumer safety in the growing CBD market.

EVIO, Inc. (OTC PINK:EVIO) has launched international cannabinoid shelf life and stability tests through its subsidiary, Keystone Labs, in Alberta, Canada. This initiative responds to new regulations set by British food regulators (FSA) regarding CBD products. EVIO aims to capitalize on this need, securing early mover advantage and significantly enhancing revenue and margins. The company’s capabilities will help U.S. CBD firms meet international requirements, further expanding EVIO's market presence. Overall, this development positions EVIO as a leader in the evolving cannabis testing market.