DENVER, Colo., Nov. 21, 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 that it has received a commitment for a $750,000 line of credit from an existing stockholder of the Company.
"We are extremely pleased to have secured this commitment from one of our existing stockholders," stated Mark Mirken, Chief Executive Officer of CannLabs. "This capital will help accelerate our planned expansions into the Connecticut and Nevada markets. Additionally, it will allow us to capture acquisitions that are accretive to our revenue strategy. Securing this line of credit from an existing stockholder demonstrates confidence in our ability to continue executing our strategic plan," added Mirken.
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. 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(dot)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
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