.png)
Continued disappointment in today 8K seen here incase you haven't read it yet...
On January 17, 2019, the Oregon Liquor Control Commission (“OLCC”) accepted the Company’s voluntary surrender of its laboratory testing licenses for EVIO Labs Bend and EVIO Labs Eugene locations. These locations had become primarily sales and sampling facilities with primary testing functions being performed at the EVIO Labs Portland and EVIO Labs Medford locations. The Company already had plans to close these offices as a cost saving measure when it learned of pending violations that were cited after some employees of EVIO Labs Eugene and EVIO Labs Bend had taken waste cannabis material from its labs for personal use, which is a violation of the State’s cannabis tracking protocols. The OLCC accepted surrender of the licenses with admission of all allegations as settlement in lieu of going to hearing or levying fines.
In preparation for these closures, the Company transferred the assets of EVIO Labs Eugene LLC, and CR Labs, LLC dba EVIO Labs Bend, to the new EVIO Labs Portland location in Tigard, OR. Assets include all equipment, customer lists, works in process, receivables, and documents.
Sales personnel have been reassigned to the Portland location, and EVIO continues to serve the entire state from its Medford and Portland labs. Refer to Item 8.01 for additional information.
Item 7.01 Regulation FD Disclosure
The Company has received questions and the Company felt it was better to answer the questions through an 8-K instead emailing the individuals directly.
Q1. “What is the status of the Company’s annual 10K.
A1. The Company is currently working diligently towards completing the 10K for the fiscal year ended September 30, 2018. The delays are directly attributed to the significant number of acquisitions and related audits of which occurred during the fiscal year. The company during this timeframe also completed an accounting system migration from 11 sets of quickbooks to a new accounting system which permits the automated consolidation of all the Company’s subsidiaries both in the United States and Canada.
Q2. “Why did the Company retract the Canadian Stock Exchange listing and will it reapply?”
A2. The Company retracted the application with Ontario Securities Commission (“OSC”), which was filed with the intent of listing on the Canadian Stock Exchange, as a result of an outstanding audit associated with prior acquisitions. The Company has every intent to resubmit a Prospectus to the OSC once our 10K has been filed.
Q3. “What is the Status of the Massachusetts Testing License?
A3. Upon receiving the provisional license form the Massachusetts Cannabis Control Commission (“MCCC”), there were a few required items to be completed prior to receiving the Permanent License. This include the updated accreditation of the equipment in the new facility. We just completed our tenant improvements and are awaiting final occupancy permit. Upon receipt we will complete the equipment validation and will notify the MCCC of our readiness for final inspection.
IMO not much to discuss here today if you have been in this stock as a long except no talk about the big A/S question in the room that WW does not want to seem to address...
On January 17, 2019, the Oregon Liquor Control Commission (“OLCC”) accepted the Company’s voluntary surrender of its laboratory testing licenses for EVIO Labs Bend and EVIO Labs Eugene locations. These locations had become primarily sales and sampling facilities with primary testing functions being performed at the EVIO Labs Portland and EVIO Labs Medford locations. The Company already had plans to close these offices as a cost saving measure when it learned of pending violations that were cited after some employees of EVIO Labs Eugene and EVIO Labs Bend had taken waste cannabis material from its labs for personal use, which is a violation of the State’s cannabis tracking protocols. The OLCC accepted surrender of the licenses with admission of all allegations as settlement in lieu of going to hearing or levying fines.
In preparation for these closures, the Company transferred the assets of EVIO Labs Eugene LLC, and CR Labs, LLC dba EVIO Labs Bend, to the new EVIO Labs Portland location in Tigard, OR. Assets include all equipment, customer lists, works in process, receivables, and documents.
Sales personnel have been reassigned to the Portland location, and EVIO continues to serve the entire state from its Medford and Portland labs. Refer to Item 8.01 for additional information.
Item 7.01 Regulation FD Disclosure
The Company has received questions and the Company felt it was better to answer the questions through an 8-K instead emailing the individuals directly.
Q1. “What is the status of the Company’s annual 10K.
A1. The Company is currently working diligently towards completing the 10K for the fiscal year ended September 30, 2018. The delays are directly attributed to the significant number of acquisitions and related audits of which occurred during the fiscal year. The company during this timeframe also completed an accounting system migration from 11 sets of quickbooks to a new accounting system which permits the automated consolidation of all the Company’s subsidiaries both in the United States and Canada.
Q2. “Why did the Company retract the Canadian Stock Exchange listing and will it reapply?”
A2. The Company retracted the application with Ontario Securities Commission (“OSC”), which was filed with the intent of listing on the Canadian Stock Exchange, as a result of an outstanding audit associated with prior acquisitions. The Company has every intent to resubmit a Prospectus to the OSC once our 10K has been filed.
Q3. “What is the Status of the Massachusetts Testing License?
A3. Upon receiving the provisional license form the Massachusetts Cannabis Control Commission (“MCCC”), there were a few required items to be completed prior to receiving the Permanent License. This include the updated accreditation of the equipment in the new facility. We just completed our tenant improvements and are awaiting final occupancy permit. Upon receipt we will complete the equipment validation and will notify the MCCC of our readiness for final inspection.
IMO not much to discuss here today if you have been in this stock as a long except no talk about the big A/S question in the room that WW does not want to seem to address...
