Goldrea to Develop Cannabis Testing Lab in Irving California
Goldrea to Develop Cannabis Testing Lab in Irving California
January 16, 2019 - Vancouver, British ColumbiaCSE:GOR, Frankfurt:GOJ, Pink Sheets:GORAF
Goldrea Resources Corp. (“Goldrea” or the “Company”) is pleased the Company has established a wholly-owned subsidiary named Global Laboratory Analytics, Inc. (GLA), incorporated and based in California, to begin the development and establishment of a cannabis testing lab in the city of Irving.
GLA plans its initial services to include testing of microbials, solvents, heavy metals, concentrates, potency, pesticides, mycotoxins, terpenes and toxicology. Once established, GLA expects its services can be expanded to numerous additional applications. Less than thirty percent of mandated testing is available in California, and no CLIA/CAP certified labs are currently serving the cannabis industry.
GLA has leased a 6,520 square foot facility in Irvine, California and has obtained zoning approval to conduct its activities at the site. In addition, the leadership team have completed the following:
Architectural drawings for the laboratory have been designed and approved.
Contractors for the construction of the laboratory have been hired, and negotiations are advanced with lab equipment suppliers.
An application for state licensing of the laboratory is in process, and anticipated to be finished in June.
Standards of Practices have been written, and regulatory applications are underway. Regulatory review by the City of Irvine is expected to be completed in sixty days.
While regulatory applications are in process, GLA will be working on its ISO certification. Research and development contracts can be completed at this time, before full construction and licencing. This can produce a nominal revenue stream and to validate processes and quality assurance practices. GLA has also developed a potential customer base and is actively fostering relationships with contacts in this area. Potential clients and users of GLA’s services are being engaged before the lab’s expected completion in July 2019.
President and CEO Jim Elbert states, “We are pleased with the progress on the lab facility in Irving as this new direction for Goldrea takes shape. We expect significant changes in the Company’s future when certain milestones are met. Shareholder support has been deeply appreciated as we explore new opportunities while nurturing and developing our existing assets.”
For more information, please contact:
James Elbert, President and CEO
Telephone: (604) 559-7230
Email: [email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Such forward-looking information can include, without limitation, statements based on current expectations involving a number of risks and uncertainties and as such are not guarantees of future performance of the Company, such as the construction and completion of the laboratory facilities, or the approval and licensing of the Company’s laboratory. There is no assurance that commercial sales of any kind will actually materialize for the Company, nor is there any assurance the Company will have sufficient funds to complete its plans. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) insufficient funds and inability to complete financings; (iii) inability to obtain the necessary governmental or regulatory approvals to conduct the Company’s activites; and (iv) inability to develop and market the Company’s future products and services, or failure by the Company to meet its targets and plans; and (v) litigation, competition and other general business risks. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.