VANCOUVER, British Columbia, Nov. 18, 2019 /PRNewswire/ -- PRESS RELEASE -- Core One Labs Inc. has announced it has completed the acquisition of Rainy Daze Cannabis Corp. 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 second 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 CannaStrips. 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 it proceeds to its completion.
