VANCOUVER, British Columbia, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) is pleased to announce it has signed a definitive agreement with Emerald Health Therapeutics Inc. (“Emerald” or “Emerald Health”) (TSXV:EMH) involving the wholly-owned Abattis laboratory subsidiary, Northern Vine Canada Inc. (“Northern Vine”).
“This is an important turning point for Abattis,” said Robert Abenante, President and CEO of Abattis and Northern Vine. “The Company has always desired a strategic partner for its laboratory and has now partnered with one of the most experienced LP's in Canada. As we commence rolling out our business model for extraction, attracting a partner like Emerald is proof that we have an extremely talented team and a potentially disruptive extraction technology.”
Abattis and Emerald will endeavor to grow Northern Vine into a thriving center for analytical testing, genetic research and development, tissue culture, and proprietary medicinal and therapeutic formulations. The Langley facility will continue to operate as a testing and analysis laboratory to serve the growing number of LP’s coming into the market. Emerald brings a wealth of industry knowledge and experience, which will assist in rapidly growing the Northern Vine’s business.
The Agreement allows Emerald to use Northern Vine as its primary testing facility.
“As a partner, Emerald Health brings our Company important access to capital, a wealth of expertise, and an association with what is becoming one of the largest cultivators in Canada,” added Mr. Abenante.
Under the terms of the agreement, Emerald Health becomes the majority shareholder in Northern Vine. In acquiring this majority interest, Emerald Health adds to its integrated portfolio that includes its recent joint venture with Village Farms International to retrofit a 1.1 million square foot, high-quality, low-cost production facility in Delta, BC to grow cannabis. Upon completion of full licensing and greenhouse conversion, the facility is expected to yield more than 75,000 kg of product annually.
"We see tremendous synergies and opportunities to work with Abattis both on extraction and research and development of medicinal and therapeutic products," said Avtar Dhillon, MD, Executive Chairman, Emerald Health Therapeutics. “This is an exciting development for Emerald.”
"Our partnership with Abattis in Northern Vine Labs will also allow us to use the lab and our combined licenses to produce custom cannabinoid formulations for medicinal and commercial applications. Northern Vine has also lived up to the high-quality standards our Emerald Health Botanicals customers have come to expect."
Emerald Health has been very active in researching and developing effective cannabis products, and making novel scientific discoveries.
Emerald’s scientific advisory team made a recent discovery highlighting the potential of treating Huntington’s disease and other metabolic, neurodegenerative and neuroinflammatory diseases with tetrahydrocannabinol acid (THCA).
Emerald also recently announced the development of its proprietary Island Mist dried flower product, with high cannabidiol (CBD) properties and a high CBD to THC ratio. The product was a result of extensive screening and characterization, containing 15.9% CBD and just 0.4% THC—a ratio of 40:1.
“There are many synergies between Abattis and Emerald Health that can be exploited for mutual gain through its partnership in Northern Vine,” said Mr. Abenante. “Emerald is now set to become one of the largest growers of cannabis in Canada, and we believe Northern Vine can efficiently and significantly enhance Emerald’s ability to manufacture its high-purity product lines.”
Northern Vine will continue to play a strong role in Abattis’s full downstream service plan to test, analyze, formulate, provide regulatory expertise, and assist in branding and selling downstream products from the cannabis cultivation industry.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada and foreign jurisdictions.
About Emerald Health Therapeutics Inc.
Emerald Health Therapeutics wholly owns Emerald Health Botanicals, which holds a license under the ACMPR to cultivate and sell medical cannabis flower and oils out of its facility located in Victoria, British Columbia. Emerald's focus is on extraction and downstream product development, with a strategy including the purchase of cannabis from high quality low cost producers, such as the joint venture. Emerald is also developing 32 acres in the Lower Mainland of British Columbia to grow its unique strains of cannabis with the intention of treating medical conditions and developing consumer products.
About Northern Vine Canada Inc.
Northern Vine Labs™ is licensed by Health Canada (Dealers License) for the possession of Cannabis and related active ingredients, as well as the production of extracts for the purpose of analysis. Northern Vine Labs™ product certification and quality assurances programs incorporate global best practices and procedures for application in the legal Canadian cannabis market.
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP.,
“Rob Abenante"
Robert Abenante, President & CEO
For more information, please visit the Company's website at: www.abattis.com or www.northernvinelabs.com
For inquiries, please contact the Company at (604) 336-0881 or at news@abattis.com.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", “intends”, "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding the efficacy of the lab and extraction technology and machines; the potential for the extraction technology to be disruptive; the potential for Northern vie to become a thriving center for genetic research, development, tissue culture, proprietary medicinal and therapeutic formulations; the potential yield of the production facility in Delta, BC and the synergies and opportunities between Abattis and Emerald. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including; the square footage of the production facility in Delta, BC; the cost of the cannabis production facility in Delta, BC; the ability to produce custom cannabinoid formulations for medicinal and commercial applications; the competitive advantage the extraction technology will provide; the potential of treating Huntington’s disease and other metabolic, neurodegenerative and neuroinflammatory diseases with THCA; the ability for Emerald to become one of the largest growers in the region; Northern Vines role in Abattis’ full downstream service plans, and branding and selling downstream products from the cannabis cultivation industry; and, Northern Vine’s ability to efficiently and significantly enhance Emerald’s ability to manufacture its high-purity product lines. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on www.sedar.com. The forward-looking statements are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, where as a result of new information, future events or results, or otherwise, except as required by applicable securities laws.