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CannLabs Goes Public through Reverse Merger
CannLabs Inc. (SDSPD 1.38 368.93%), a developer and licensor of advanced scientific methods and proprietary cloud-based technology to cannabis testing facilities and provider of cannabis business intelligence, recently went public on the OTCQB via a reverse merger transaction. The company is headquartered in Denver, Colorado and led by CEO Genifer Murray and President & COO Steve Kilts.
“We have been at the forefront of the sweeping changes across the nation as many states have legalized cannabis, said CEO Genifer Murray. “We provide the technology for reliable testing in product quality, data analytics, and widely accepted standards, which are essential elements to all key constituents in the cannabis industry and this is where we excel.”
CannLabs licenses advanced scientific methods combined with proprietary cloud-based technology to cannabis testing facilities, which includes the first state-licensed laboratory in Denver, Colorado. The company also provides analytics with real-time business intelligence to generate the data necessary for the continued advancement of the entire cannabis business ecosystem.
In conjunction with the reverse merger, the company announced that it completed a private placement of 500,000 shares of Series A Convertible Preferred Stock in a private offering, resulting in $500,000 of gross proceeds. The investor also agreed to provide an additional $750,000 in funding through a note purchase agreement through November 15, 2014, bringing the total raised to $1.25 million.
CannLabs also announced the appointment of Joe M. Allbaugh, Ken Johnsen, Mark C. Mirken, and Mark Rogers to its newly formed Board of Directors. With a wealth of experience in executive roles, biotechnology firms, financial services, and entrepreneurship, the diverse set of individuals should help the company grow and scale the business as it looks to capitalize on the rapidly growing industry.
Shares of CannLabs were trading even early on Friday, June 13, 2014.
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