Signal Bay (SGBY) Closes Oregon Cannabis Testing Acquisition


Ryan Allway

May 25th, 2016

News, Top News


[stockchart symbol=SGBY]

Signal Bay Inc. [stockquote symbol=SGBY], a leading provider of cannabis consulting and analytical laboratory services, recently announced the completion of its acquisition of Oregon Analytical Services (OAS) in Eugene, Oregon. The laboratory has over 500 cultivators, extractors, processors, edible manufacturers, and dispensaries utilizing its services across Western Oregon, where it offers full compliance analytical testing services.

EVIO Labs – a subsidiary of Signal Bay – will take over the full management operations of the new testing laboratory, which will complement its existing and proposed expansion labs within the growing Oregon marketplace.

“This acquisition complements our acquisition last year of Cannalytical Research in Bend, Oregon and our pending acquisition of Kenevir Research, another full-service cannabis test lab in Medford,” said Signal Bay CEO William Waldrop in a recent press release. “The next steps in the continued growth of EVIO Labs is to complete our acquisition of Kenevir Research, identify a prospective location in the Portland metropolitan area and open our previously announced lab testing facility in the Emerald Triangle of Northern California.”

The cannabis laboratory testing industry is expected to reach $850 million in size by 2020, driven by a growing number of requirements set by states where marijuana has been legalized. According to Matthew Karnes of GreenWave Advisors, the cannabis testing industry may be the most attractive subsector of the industry given its gross margins of between 60% and 65% and predictable recurring revenue streams driven by regulatory requirements.

Oregon’s cannabis market has also gotten off to a strong start after reporting at least $14 million worth of sales and $3.5 million worth of tax revenue during its first month, which far exceeded expectations from analysts and lawmakers. By comparison, Colorado generated just $2.9 million in sales when the state legalized recreational marijuana in 2014.

Shares of Signal Bay Inc. jumped 25% following the news.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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