DENVER, Colo., Nov. 14, 2014 (GLOBE NEWSWIRE) -- via PRWEB - CannLabs, Inc. (OTCQB: CANL,) the leading provider of proprietary, cloud-based analytics, and scientific testing methodologies relating to cannabis, today announced financial results for the third quarter ended September 30, 2014, and provided a business update.
Third Quarter 2014 Highlights
- CannLabs – Nevada, Inc. granted license for an 8,000-sq.-ft. facility in Las Vegas, Nevada.
- CannLabs – Connecticut, Inc. opened a 4,000-sq.-ft. facility in Hartford, Connecticut. Secures contracts with two of the four licensed growers in Connecticut.
- Expanded testing capabilities at the Denver, Colorado, legacy lab to offer heavy metal, microbial contaminant, pesticides, and residual solvents tests. The CannLabs, Inc. licensed laboratory in Denver is on track to reach full capacity in four-six months.
- CANL was added to MJIC Marijuana Index and the THCbiz stock directory.
- $474,000 in revenue, an increase over the previous quarter of $204,000 due to increased testing volumes, growing client demand, mandated testing and the anticipated expansion in mandated testing requirement.
- $1,283,000 in operating expenses, which consisted of $644,748 in administrative payroll, $426,000 in G&A and $213,000 in sales and marketing expenses. Of these expenses $440,000 related to non-cash compensation.
- Net loss (GAAP) was $(1,126,096).
- Adjusted EBITDA (non-GAAP) loss of $(130,000).
- $1,932,000 in operating expenses, which consisted of $818,000 in administrative payroll, $742,000 in G&A and $373,000 in sales and marketing expenses. Of these expenses $446,000 related to non-cash compensation.
- Net loss (GAAP) was $(1,596,477).
- Adjusted EBITDA (non-GAAP) loss of $(213,000).
- Compliance testing will be mandated by new states
- Increased testing volumes from existing clients responding to growing consumer demand
- New market entrants as more growers are granted state-issued licenses
- Education that will influence consumers to seek out tested products at a higher quality level that they know and trust
ABOUT CANNLABS
CannLabs, Inc., is a respected authority and advisor to commercial, governmental and educational entities focused on the Cannabis industry. The company leverages its propriety scientific, testing processes, cloud-based business intelligence and data/analytics as well as consulting services to garner revenues from legalized Cannabis states and their constituents.
Through Carbon Bond Holdings Inc. and the state certified labs it has relationships with, CannLabs delivers best practices around products, services and business intelligence focused on the Cannabis industry.
CannLabs customers include states that currently have legalized medical or recreational Cannabis along with their associated growers, dispensaries, manufacturers of edibles, and residential consumers seeking information on cannabis.
For more information visit http://www.cannlabs.com.
Safe Harbor Statement
All statements herein other than statements of historical facts are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Such statements are not guarantees of future performance and are subject to known and unknown risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. Such factors include, but are not limited to, our ability to raise additional capital, our limited operating history and revenue, our ability to attract and retain qualified personnel, our ability to develop new services, market acceptance of our services, legislative, regulatory and competitive developments in our industry, general economic conditions, as well as other factors set forth in our filings with the SEC.
CONTACT:
Company
William Livermore
Public Relations
917-620-0774
william.livermore(at)cannlabs(dot)com
http://www.cannlabs.com
Investor Relations
Matthew Selinger
Senior Vice President – MZ North America
949-298-4319
mselinger(at)mzgroup(dot)us
http://www.mzgroup.us
For Full Balance Sheet and Income Statement: please click here : CannLabs Balance Sheet and Income Statement
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