Fresh from securing more than 700 business accounts and capturing a substantial amount of market share in the cannabis industry, Signal Bay Inc (OTCMKTS:SGBY) is already looking into the future. Expansion in the Portland Oregon area, as well as Northern California, is now a core objective as the company looks for new markets for its cannabis testing facilities.
The leading provider of cannabis consulting services has ramped its plans for growth with the signing of a letter of intent for the purchase of its fifth cannabis testing facility in the Portland Oregon area. With the acquisition, Chief Executive officer, William Waldrop believes they will be able to capture more market share in Portland.
Expansion in Portland comes just days after Signal Bay reiterated plans to expand its wings in the state of California. The opening of a cannabis-testing laboratory in Northern California is expected to open up new opportunities for growth given the exponential growth of demand for medicinal marijuana in the state.
“Northern California is currently the largest cannabis market in the world and we feel that our company will be able to begin capturing significant market share almost immediately,” said Mr. Waldrop.
The Northern California acquisition is expected to result in 500 new business accounts, which should help bolster the company’s revenue stream. Signal Bay aggressive expansion plan comes at a time when a number of states in the US are heading to the polls to determine the fate of marijuana legalization.
Taking the lead in the business as the industry grows is Signal Bay core objective as it eyes growth opportunities in new states. The company stands to reap big with more states legalizing the plant, given that it boasts of state of the art testing facilities that are critical to ensuring safety and potency of the nation’s cannabis supply.
Demand for reliable cannabis testing facilities is expected to skyrocket with the legalization of pot in more states across the country. It is an opportunity that Signal Bay Inc (OTCMKTS:SGBY) plans to take advantage of, seen by the aggressive expansion drive.