Core One Labs Completes Sale of Non-Core Assets


Ryan Allway

January 18th, 2021

Psychedelics


Core One Labs Inc. (CSE:COOL)(OTC PINK:CLABF)(Frankfurt:LD62) (WKN: A2P8K3) (“Core One“) is pleased to announce that further to its October 30, 2020 press release, the Company has completed the sale of certain of its non-core assets and subsidiaries in California for CAD$3,000,000 plus the assumption of approximately USD$4,000,000 in related liabilities.

The completion of this sale allows the Company to focus its core business on the continued development of psychedelic alternative medicines and experiential therapies, and its CannaStripTM delivery technology.

The Company’s goal is to use its proprietary technologies to advance natural-based medicines for the treatment of mental health illnesses and addiction. Core One’s team of leading scientists, specializing in protein expression and biosynthetic fermentation, have developed a patentable method of producing psilocybin that will afford the Company the ability to manufacture consistent high-quality GMP API psilocybin at scale, and provide pharmaceutical companies, API manufacturers and medical research organizations conducting clinical trials, access to product at a significantly lower cost than other psilocybin-producing companies.

In consideration for the acquisition of the Assets (as defined below), the purchaser will complete a series of cash payments to the Company totaling CAD$3,000,000 and will assume responsibility for all outstanding liabilities and obligations of Reveur Holdings Inc., Core, CSPA, LDS Agrotech Inc., LDS Scientific Inc., Agrotech LLC and LDS Development Corp., including all continuing employment obligations and certain additional liabilities of the Company associated with these assets. The total value of the assumed liabilities is approximately USD$4,000,000.

The assets being sold are composed of the following:

  • all of the issued and outstanding share capital of Rêveur Holdings Inc. (“Rêveur“), a California corporation, including its principal assets which are all of the issued and outstanding share capital of Core Isogenics Inc. (“Core“), a California corporation, and CSPA Group, Inc. (“CSPA“), a California corporation;
  • all of the issued and outstanding share capital of LDS Agrotech Inc. (“AgroCo“), a Nevada corporation, held by Core One which represents 75% of the outstanding share capital of AgroCo;
  • all of the issued and outstanding share capital of LDS Scientific Inc. (“SciCo“), a Nevada corporation, held by Core One which represents 75% of the outstanding share capital of SciCo;
  • the membership interest in Agrotech LLC (“AgroLLC“), a California limited liability company, held by Core One which represents a fifty percent 50% membership interest in AgroLLC;
  • all of the issued and outstanding share capital of LDS Development Corporation (“DevCo“), a California corporation, except for all tangible and intangible assets of DevCo related to the manufacturing and distribution of “CannaStrips” including all associated intellectual property and manufacturing equipment (the “Excluded Assets“); and
  • all tangible and intangible assets currently being held by and utilized by Rêveur, Core, CSPA and DevCo, including, without limitation, all existing contracts, leases, client files, client billing records, vendor records, furniture, fixtures, equipment, employee files, employee time records, and other information customary for the cultivation, manufacturing and distribution of cannabis and cannabis related products, but excluding the Excluded Assets.

(collectively, the “Assets“)

The completion of this sale eliminates monthly expenses related to the operation in Adelanto, California and provides the Company with increased working capital. This increased working capital will allow us to focus resources on the development of psychedelics as alternative medicines, which we believe will have a significant and positive impact on the future of those suffering from mental illness and addictions.” stated Joel Shacker CEO of the Company.

In connection with the completion of the Asset sale, the Company has issued 350,000 common shares to two arms-length third-parties who assisted with facilitating such sale. These shares will be subject to a hold period of four months and one day.

Also in connection with the divestment of the Adelanto assets, the Company announces the resignation of Mr. Casey Fenwick as President of Core One. The Company wishes to thank Mr. Fenwick for his service, and much success in his future endeavours.

The Company further announces that it intends to settle $74,000.00 in outstanding indebtedness to an arms-length party through the issuance of 88,095 common shares at a price of $0.84 per share. The shares issued under the debt settlement will be subject to a hold period of four months and one day from the date of issuance.

Finally, the Company announces that it intends to grant up to 6,720,000 incentive stock options (the “Options”) to certain directors, officers, employees and consultants of the Company. The Options are exercisable at a price of $1.05 for a period of three years from the date of grant. The Company’s Stock Option Plan governs these incentive options, as well as the terms and conditions of their exercise, which is in accordance with policies of the Canadian Securities Exchange.

About Core One Labs Inc.

Core One Labs Inc. is a research and technology company focused in life sciences and on bringing psychedelic medicines to market through novel delivery systems and psychedelic assisted psychotherapy. The Company has developed a patent pending thin film oral strip (the “technology“) which dissolves instantly when placed in the mouth and delivers organic molecules in precise quantities to the bloodstream, maintaining excellent bioavailability. With this technology, the Company intends to further develop its IP technology to focus on delivering psychedelic molecules with an initial focus on psilocybin. Core One also holds an interest in walk-in medical clinics which maintain a database of over 200,000 patients combined. Through research and development in these clinics, including the integration of its intellectual property related to psychedelic treatments and novel drug therapies, the Company intends to work towards regulatory approval for research that advances psychedelic-derived treatments for mental health disorders.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading