Cannlabs, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
August 15, 2014 at 10:46 am EDT
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CannLabs, Inc. announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenues of $270,220 and net loss of $368,244.
For the six months, the company reported revenues of $382,493 and net loss of $470,351. The company's increased sales revenue during these periods was due to a rise in demand for services by clients complying with the state of Colorado's mandated testing requirements for certain recreational cannabis products which went into effect on May 1, 2014. The net loss was due to increase in overhead and related expenses as the company prepares for more comprehensive mandated testing of all recreational marijuana products sold in Colorado.
CannLabs, Inc. is a diversified holding company. The Company is a provider of cannabis and hemp/cannabidiol (CBD) laboratory testing services in Texas. The Company, through its subsidiary, Transcend Growth Ventures, helps enable and optimize operations to develop workflows, implement software and establish procedures for cannabis businesses. Through Noble Realm Games, it is engaged in the gaming and entertainment business. Through Color Blind USA, Inc., the Company is engaged in four sectors, such as manufacturing, apparel, music and video game design. Through U-World Global Technology Inc., the Company has access to a fleet of vessels and can charter vessels for virtually any type and size of bulk oil voyage. The Company, through Crionx LLC., provides professional engineering and technical management services focused on technology-enabled business solutions. The Company, through Black Eyed Distilling Co., is engaged in the distillery business.
CANNLABS, INC. 
