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

Core One Labs Inc. COOLCLABF 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.

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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.