VANCOUVER, British Columbia, Nov. 4, 2019 /CNW/ -- Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF), (Frankfurt: LD6, WKN: A14XHT) ("COOL" or the "Company") announces it has signed a Definitive Agreement to acquire Rainy Daze Cannabis Corp., a British Columbia corporation. The corporation's assets include a long term lease for a facility currently under construction and scheduled to be completed in the 2nd Qtr of 2020. The facility comprises 2,210 square feet of canopy space and 3,500 square feet of operational purpose built building. Also included are 15 top proprietary genetics with the necessary farming protocols and SOPs to ensure both maximum yield and compliance.
The corporation being acquired was organized by Chadwick Clelland, currently CEO of a fully licensed Canadian LP with Cultivation and Medical Sales licenses. The facility under construction has a license application in process.
The facility will be operated by experienced staff with LP credentials. Seed to sale software and distribution agreement will guarantee 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 will permit this corporation to enter the edibles and extracts markets.
With this acquisition, Core One Labs will be positioned to build a foundation in Canada for national distribution and international export of all COOL products, including CannaStripsTM. The CEO of Core One Labs Inc., Brad Eckenweiler, commented, "The estimated revenue numbers for this facility, when completed, suggest an ROI of over fifty percent annually. The guaranteed flower purchase with a growing number of licensed dispensaries is very attractive to the COOL business model for Canada. The location of the facility in British Columbia where COOL currently has offices is an additional benefit." The Company will continue to update the market on the progress of this project as we proceed to its completion.
CannaStripsTM is a 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 exceptional quality cannabis results to unique cultivators with unsurpassed gram to watt production cost, ensuring lower production cost and higher profit margins.
Cautionary Disclaimer Statement:
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.
FOR MORE INFORMATION, PLEASE CONTACT:
SOURCE Core One Labs Inc.