VANCOUVER, British Columbia, Nov. 18, 2019 /CNW/ -- Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF), (Frankfurt: LD6, WKN: A14XHT) ("COOL" or the "Company") announces it has completed the acquisition of Rainy Daze Cannabis Corp ("Rainy Daze") by purchasing all issued and outstanding shares of Rainy Daze in exchange for $100,000 cash and by issuing an aggregate of 3,500,000 unrestricted common shares of the Company to the current shareholders of Rainy Daze.
The acquisition of Rainy Daze includes long term lease for a building currently under construction, which is scheduled to be completed in the 2nd Quarter of 2020, the facility consisting of 2,210 square feet of canopy space and 3,500 square feet of operational-purpose-built building, and 15 top proprietary genetics with the farming procedures and SOPs to ensure compliance and maximum yield. In addition, the Company also entered into a management agreement with a director of Rainy Daze to complete the licensing and manage the facility operations. The facility will be operated by experienced staff with LP credentials. Seed-to-sale software and distribution agreement guarantees shelf space with a group of over 12 licensed locations in western Canada. This is an opportunity to independently brand all of Core One Labs' products in the Canadian market. Extraction capabilities on site to enter the edibles and extracts markets.
Core One Labs with this acquisition will be positioned to build a foundation in Canada for national cultivation, distribution and international export of all of the COOL products including CannaStripsTM. The CEO of Core One Labs Inc., Brad Eckenweiler, commented, "This acquisition will be the first step into the Canadian market and the guaranteed flower purchase with a growing number of licensed dispensaries is very attractive to the COOL business model for Canada." The Company will continue to update the market on the progress of this project as we proceed to its completion.
CannaStripsTM is formulated oral strip for effective buccal mucosal delivery that disrupts the barrier created by saliva coating the mucosal membrane for the active materials (in this case cannabinoids) which have been nanoparticulated and encapsulated to penetrate the multiple layers of mucosal and sub-mucosal membranes to the blood stream. Once in the blood stream the encapsulation is undetectable as a foreign material by the liver. This undetectability allows the material to avoid being filtered out of the blood stream by the liver. The encapsulation also is more effective in penetrating the blood-brain barrier and allowing for greater bioavailability and extending the effective time from a single dose.
About Core One Labs Inc.
Core One Labs Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to other forms of delivery but also superior bioavailability of cannabis constituents. Some strips will also include supplemental co-active ingredients such as nutraceuticals, vitamins and peptides. The technology provides a new way to accurately meter the dosage and assure the purity of selected product. From start to finish, the production process, based on the Company's technology, tests for quality and composition of all the ingredients used in each and every strip which results in a delivery system that is safe, consistent and effective. In addition, through its efforts to develop a better CannaStripsTM product, the Company has developed considerable expertise in cannabis extraction and nursery activities. The operational expertise developed by the Company as a result of these efforts has created new market opportunities for the Company in white label sales.
Rainy Daze Cannabis Corp.
Providing a facility for high yield with exceptionally quality cannabis results to unique cultivators with unsurpassed gram to watt production cost, ensuring lower production cost and higher profit margins.
Core One Labs Inc. Brad Eckenweiler CEO & Director
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.