Core One Labs' Subsidiary, Core Isogenics Inc., Completes Second and Third Harvests of Top Grade Flower at the Adelanto Indoor Grow
VANCOUVER, British Columbia, Jan. 3, 2020 /PRNewswire/ -- 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 completed its second and third on-going harvests at the Adelanto facility.
The second and the third harvests comprised approximately 20% of flower room capacity. The Company expects recurring harvest yields to produce anywhere from forty to sixty pounds of top-grade flower and small bud per harvest. The current wholesale market value for top-grade indoor flower ranges from $1,200 to $1,800 per pound https://reports.cannabisbenchmarks.com/ and is based on a defined market for legally grown cannabis in California. The Company's management is pleased that, according to the current estimates, the recurring revenue from cultivation operations, calculated at the above-noted wholesale market prices, will soon exceed the present operational cost of the facility including extraction, distillation and all manufacturing operations, as well as distribution and transportation. This flower profit comes without adding the revenue from the Company's existing product lines Rêveur and CannaStrips™.
The Adelanto facility is set up for recurring harvests about one week apart. The second and the third harvests highlighted the dedication and professionalism of the Core One Isogenics nursery and cultivation team as the second harvest took place on Christmas Eve and Christmas Day and the third harvest fell on New Year's Eve and New Year's day. The Core Isogenics' team braved winter driving conditions to complete the harvest as the Adelanto facility was covered in snow on Christmas Day and the day after. The Cajon Summit on Interstate 15, the freeway connecting southern California to the high desert, was closed all night and the next day: https://abc7.com/weather/5-freeway-closed-after-major-snowstorm/5791089/.
The CEO of COOL, Brad Eckenweiler, stated, "Just about two weeks ago we announced our first harvest and now our second and third. I am very pleased with our team and of the ongoing top grade flower that we are producing. This week our team demonstrated their dedication at a level rarely found in any work force, through snow and holidays with smiles and attitudes of accomplishment they completed the second and third harvests. It is extremely gratifying to see this project taking solid operational form as the corner stone of the COOL business model. This facility will allow us to consistently produce high quality products in flower, Rêveur and in CannaStrips™ from this point on." The Company will continue to update the market on the progress of the facility as information becomes available.
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 CannaStrips™ 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.
CEO & Director
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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 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.
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SOURCE Core One Labs Inc.