VANCOUVER, Oct. 23, 2019 /PRNewswire/ -- PRESS RELEASE -- Core One Labs Inc. has announced it has signed a non-binding letter of intent (LOI) to acquire all of the outstanding shares of 1210950 B.C. Ltd. dba Rainy Daze Cannabis Corp. in exchange for a cash payment of CAD$100,000 and 3,500,000 shares of the company's common stock.
Rainy Daze was organized by the CEO of a fully-licensed Canadian LP with current Cultivation and Medical Sales licenses. Rainy Daze facility has a license application in process. The facility used by Rainy Daze is held under a long-term lease and is currently under construction and is scheduled to be completed in the second quarter of 2020. Once completed, the facility will include 22,510 square feet of canopy space and 3,500 square feet of operational purpose-built building.
The facility will be operated by experienced staff with LP credentials, and will include 15 top proprietary genetics, together with the farming resources and SOPs to ensure compliance and maximum yield, seed to sale software, and secured distribution agreements that guarantee shelf space with a group of over 12 licensed locations in western Canada. With extraction capabilities onsite, the acquisition will provide Core One Labs an opportunity to enter the edibles and extracts markets and independently brand all of the company's products in the Canadian market.
The completion of the transaction is subject to a satisfactory due-diligence process, which is expected to be completed by Nov. 30, 2019.
The CEO of Core One Labs Inc., Brad Eckenweiler, commented, "With completion of this proposed transaction, Core One Labs will have a clear and defined path to the Canadian market and ultimately the ability to export CannaStrips internationally. The location and extensive capabilities of the Rainy Daze facility is uniquely suited to meet the goals and aspirations of the Core One Labs team."
The company will continue to update the market on the progress of this transaction as it proceeds to the completion of the acquisition.
