U.S. Markets closed

Core One Labs Posts Q3 Net Loss, Signs LOI For Cultivation Contract With Golden State Banana

Nina Zdinjak

Core One Labs Inc. (CSE:COOL)(OTC: CLABF) reported Wednesday third-quarter revenue of $605,427, in line with revenue of $600,649 in the same period of 2018.

For the quarter, the company posted a net loss of $5.79 million, versus a net loss of $3.72 million in the corresponding period of the prior year.

The company is pleased with the 378% growth in its year-to-date revenues compared to the previous year.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

In addition, the company announced it has signed a letter of intent to cultivate cannabis for a famous California brand, Golden State Banana.

"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,” President Casey Fenwick said.

Core One Labs’ shares traded 6% higher at 60 cents on Thursday morning.


See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.