VANCOUVER, British Columbia, Nov. 4, 2019 /PRNewswire/ -- PRESS RELEASE -- Core One Labs Inc. has announced 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 second quarter 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. A 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 CannaStrips. 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.