The company will acquire all of the issued and outstanding shares of 1210950 B.C. Ltd., which operates as Rainy Daze Cannabis.
As part of the deal, Core One Labs will pay $100,000 in cash and issue 3,500,000 common shares to the current shareholders of Rainy Daze. The shares are not expected to be subject to restrictions on transfer.
The acquisition is subject to the approval of Core One Labs’ directors, who are currently conducting additional due diligence investigations with respect to the proposed acquisition.
Core One Labs licenses its technology to production and packaging facility located in Southern California. The company’s technology produces infused strips – similar to breath strips.