Signal Bay – a marijuana-focused holding company in Bend, Oregon – has expanded its marijuana testing division to Florida through a licensing agreement with a Fort Lauderdale-based holding company, Kaycha Holdings.
Through the agreement, Signal Bay subsidiary Evio Labs will operate under the Evio Labs brand, according to a news release.
Evio also has cannabis testing operations in California, Massachusetts and Oregon. It trades on the over-the-counter markets under the ticker symbol SGBY.
Florida currently has seven licensed medical marijuana dispensaries, or medical marijuana treatment centers.
However, Florida’s governor signed a bill in June that increases the number of vertically integrated licenses to 17 and allows each MMJ treatment center to open 25 dispensaries.
The state’s market is poised to be huge.
According to Marijuana Business Daily estimates, Florida’s potential patient pool could total 100,000-300,000 and annual sales through dispensaries could reach $600 million-$800 million in the next three to five years.