VANCOUVER, British Columbia, July 31, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to provide an update as the Company moves to a phase of building on recent investments and anticipates significant revenue growth in the fourth quarter of 2018.
As a result of its recently completed over-subscribed private placements and the forthcoming sale of its remaining stake in Northern Vine Canada Inc. (“Northern Vine”) to Emerald Health Therapeutics Inc., the Company will be well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada, which is expected to occur on October 17th of this year.
Through its master services agreement with Northern Vine, the Company continues to have preferential access to a licensed lab, which will enable it to progress its research and development partnerships with the University of British Columbia, exploring nanoemulsified and liposomal platforms for transmucosal delivery of cannabinoid-rich hemp oil, and Faculty Brewing Company, developing hemp-infused, cannabinoid-rich, THC-free craft beer.
The Company has also recently deployed capital, through its investment in XLABS Therapeutics (ONT) Inc. (“XLABS”), which is developing a 10,000 square foot laboratory in Belleville, Ontario. Through XLABS, the Company hopes to leverage the experience it obtained through the build out of Northern Vine on a much larger scale. In accordance with the terms of the investment, Abattis President and CEO, Rob Abenante has joined the board of directors of XLABS.
The Company’s other recent investments have focused on building its foundation as a fully-integrated downstream service cannabis company. These include Gabriola Green Farms (“Gabriola”), which the Company anticipates will be granted a license to produce (an “LP”) under the Access to Cannabis for Medical Purposes Regulations later this year. With an LP, and together with the Company’s investments in Vergence Naturals Ltd. (“Vergence”) and Green Tree Therapeutics Inc., the Company will be able to supply a wide range of products and services to the market.
The Company hopes that these investments will be producing significant revenue streams by the fourth quarter of this year, with such revenues coming from sales of cannabis flower and oils, vaporizers and the roll out of cutting edge new products through Vergence. The Company believes these initiatives will drive growth for the Company through increased market presence and awareness.
To further build awareness, the Company has retained Link Media LLC (“Link”), an arm’s length service provider, to provide communications and market awareness services for the Company and author and distribute a series of independent research articles on the Company. Each article will be reviewed and approved by the Company prior to release to ensure the content is consistent with the Company’s vision and that information contained therein is consistent with the company’s public disclosure. Under the engagement, Link will be paid USD$150,000 for its services to the Company. To the best of the Company’s knowledge, Link does not own any of the Company’s securities.
“Our diverse interests in the cannabis space and strong financial position have set us up to take advantage of the coming growth in our industry. We have built a strong foundation and look forward to reaping the benefits of our carefully planned efforts in the coming quarters,” stated Rob Abenante, President and CEO of Abattis.
About Abattis Bioceuticals Corp.
Abattis is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. Over the past year, Abattis has made key acquisitions to leverage synergies and vertically integrate its business. Through its partnership with Northern Vine Labs and its investment in XLABS Therapeutics (ONT) Inc., Abattis has access to a fully licenced laboratory facility and an industrial size laboratory currently in the process of obtaining a Health Canada dealer’s license and, through its wholly owned subsidiary Gabriola Green Farms, it has applied for a Health Canada license to produce and sell Cannabis flower and oils. Abattis also operates a retail vaporizers business through its wholly owned subsidiary, Green Tree Therapeutics, which offers 10 unique branded SKUs online and across the country and owns a series of marketing, licensing and technology rights. Abattis has also partnered with a number of organizations, including the University of British Columbia Faculty of Land and Food Systems, with which it is developing delivery platforms with increased stability and bioavailability for cannabinoid rich THC-free hemp extracts. For more information, visit the Company's website at: www.abattis.com
ON BEHALF OF THE BOARD OF
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 Abattis Investor Relations at (604) 441-1304 or at investors@abattis.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Company’s anticipated revenue growth in the fourth quarter of 2018; the Company being well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada and the timing of such legalization; the partnership with Northern Vine enabling the Company to progress its research and development activities; the Company hoping to leverage its experience with Northern Vine on a larger scale with XLABS; Gabriola being granted an LP; the Company being able to supply a wide range of products and services to the market; the Company’s hope that its investments will produce significant revenue streams by the fourth quarter of this year; the Company’s believe that its investment initiatives will drive growth through increased market presence and awareness; and the Company’s engagement of Link. 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: that the Company will not see revenue growth in the fourth quarter of 2018 at all or as anticipated; that the Company will not be well capitalized or in an enviable position heading into the legalization of cannabis for recreational purposes in Canada and that such legalization will not take place in October 2018; that the Company’s sale of its interest in Northern Vine will not complete; that the Company’s partnership with Northern Vine will not enable the Company to progress its research and development activities; that the Company will not be able to leverage its experience with Northern Vine on a larger scale with XLABS; that Gabriola will not be granted an LP; that the Company will not be able to supply a wide range of products and services to the market; that the Company’s investments will not produce significant revenue streams by the fourth quarter of this year; that the Company’s investment initiatives will not drive growth through increased market presence and awareness; the Company’s engagement of Link will not be followed through with or benefit the Company, as expected; that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company’s competitors may develop competing technologies; changes in regulatory requirements; and other factors beyond the Company’s control. 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 because of new information, future events or results, or otherwise, except as required by applicable securities laws.