An American cannabis testing and research firm is moving into the Canadian market by buying a 50-per-cent share of an Edmonton laboratory.
Evio Inc. of Bend, Ore. will pay $2.5 million for a half interest in Edmonton’s Keystone Labs Inc., a privately held contract-testing laboratory specializing in quality testing for regulated industries, according to a news release Friday.
Keystone was founded in 2005 by Jodi McDonald and does analytical work using Good Manufacturing Practices for pharmaceutical, biotechnological, medical device and natural health product companies.
“This is an incredible opportunity for Keystone Labs to expand our quality testing services into the cannabis market by supporting the production of safe cannabis for Canadians,” McDonald said in the news release.
The deal is expected to close by May 1.
Evio, which is also setting up subsidiary Evio Canada to run its Canadian operations, provides state-mandated services to ensure the safety and quality of the American cannabis supply.
The company had revenue of US$3 million in 2017.
Source:: Edmonton Journal – Business