VANCOUVER, British Columbia, Nov. 18, 2019 /PRNewswire/ — 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
Core One Labs Inc.
CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
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
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.
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SOURCE Core One Labs Inc.