VANCOUVER, British Columbia, Dec. 17, 2019 /CNW/ -- Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF), (Frankfurt: LD6, WKN: A14XHT) ("COOL" or the "Company") announces that its wholly-owned subsidiary, Core Isogenics Inc., has begun its first harvest at the 9501 Commerce Way facility in Adelanto California.
The Core Isogenics nursery facility and the cultivation facility are both fully operational. The cultivation facility in the 9501 Commerce Way facility will begin harvesting approximately 10% of the flower room today. The flower room is scheduled to harvest approximately 10% of capacity every week going forward. The cultivation facility is uniquely suited for this type of project with its ability to track the growing conditions in the vegetation and flower rooms, as well as documenting the feeding schedule and soil condition in order to gather information to accurately assess the cultivation process. The weekly harvest yield is expected to produce forty to sixty pounds of top grade flower every week. The current wholesale market value for top grade indoor flower ranges from $1,200.00 to $1,800.00 per pound. The monthly revenue produced from the cultivation operations at current wholesale market prices would exceed the current operational cost of the entire 9501 Commerce Way facility including distribution, transportation, extraction, distillation and all manufacturing operations, even if no other revenues were produced. The CEO of COOL, Brad Eckenweiler, stated,"This cultivation operation is the corner stone of the COOL business model and will set an example for the cannabis industry as to the proper path to profitability. This is an achievement that very few companies in the cannabis sector have come close to. This Company will be nearly alone, having achieved profitability solely from cannabis operations." The Company has high expectations for the cultivation operations and the possible expansion of this business model. This facility will allow us to consistently produce high quality products in every harvest. This consistency is vital to our cultivation model where the goal is a predictable outcome in every harvest.
About Core Isogenics Inc.
Core Isogenics Inc. is located in Adelanto, California and is a City permitted and State licensed cultivation and nursery operation in the California cannabis industry. Developing isogenic seed strains and automated cultivation methods for the cannabis industry with Core One Labs Inc., a British Columbia company.
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 (like 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 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.
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.