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CannLabs Goes Public through Reverse Merger

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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.

Disclaimer: Except for the historical information presented herein, matters discussed in this release 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. Emerging Growth LLC 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. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://secfilings.com/Disclaimer.aspx

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