CannLabs Inc., a Colorado medical marijuana testing company that recently opened a lab in Hartford, said its third-quarter loss increased as it invested in new states.
The company booked a loss of $1.3 million, up from a loss of $16,000 a year ago. Revenue increased from $16,000 to $474,000.
In addition to its 4,000-square-foot facility in Hartford, which has contracts with two of the state’s four licensed growers, CannLab said it also received approval to open a facility twice that size in Las Vegas.
The company said it already has half of the market in Colorado, where recreational marijuana was recently legalized in 2012, with stores opening 11 months ago.
CannLabs, which until June was called SpeedSport Branding, trades on the OTCQX exchange.
