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Core One Labs Signs LOI for Cultivation Contract

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Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF), (Frankfurt: LD6, WKN: A14XHT) (“COOL” or the “Company”) announces that it has signed a letter of intent (the “LOI”) to grow cannabis for a well-known California brand, Golden State Banana (“GSB”), with a set price for premium bud, bud, trim and processing.

The alliance between COOL and Golden State Banana will ensure that COOL has an outlet for a portion of the material grown indoor to a brand that has a demand for more product to sell in the California market.  The LOI states that GSB will purchase the grade “A” dried bud for a price of $1,500 per pound, the dried small bud at $600 per pound and the trim from the indoor crop at $300 per pound. The Company is drafting a definitive agreement to finalize the terms.

Core One Labs Inc. President, Casey Fenwick, stated, “With such a volatile cannabis market, the fact that we know the selling price in advance will help the Company streamline its budgeting process and develop attainable revenue projections.  Working with GSB is a great way to ensure the indoor product we grow has an immediate outlet to a brand with a heavy footprint in California.  We also will be manufacturing some of their trim into concentrates that could potentially work to the benefit of both companies outside of it basic monetary value.  GSB, as a brand, is massive, and I can see us working out a collaboration between their brand and our CannaStripsTM and Rêveur brands to help both companies gain additional market share.”

 

SOURCE Core One Labs Inc.

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