VANCOUVER, British Columbia, Aug. 21, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the ”Company“ or ”Abattis“) (CSE:ATT) (OTC:ATTBF) and its majority-owned testing and laboratory subsidiary, Northern Vine Canada Inc. (“Northern Vine”), are pleased to announce that their Licensed Producer (LP) investment partner, Experion Biotechnologies Inc. (“Experion”), has officially received an Access to Cannabis for Medical Purposes Regulations (“ACMPR”) cultivation license from Health Canada to grow medicinal marijuana at its newly-completed facility located in Mission, BC.
“Abattis and Northern Vine would like to congratulate Experion on receiving its cultivation license and officially becoming a legal cannabis producer in British Columbia,” said Robert Abenante, President and CEO of Abattis and Northern Vine.
The cultivation license follows Experion’s construction of an indoor secure storage and processing facility, known as the Mission Site. The Mission Site is approximately 8,300 square feet in total, with a portion being used to grow medical-grade marijuana. Experion has already announced plans to expand its production facility to 40,000 square feet, subject to Health Canada approval.
“This is very positive news for Experion and for Northern Vine,” added Mr. Abenante.
Abattis is the majority owner of Northern Vine, which holds an 18.75% equity stake in Experion.
Due to receipt of its license, Experion is now officially designated by Health Canada as a Licensed Producer, becoming only the 13th licensed producer in British Columbia.
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 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
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 current square footage of the Experion facility; the future square footage of the Experion facility; Experion’s proposed future construction of 40,000 square feet of greenhouse canopy; and the potential for a positive impact of Experion’s cultivation licence on the business of the Company. 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 as to if or when Experion will begin cultivation; if or when or Experion will execute their future growth plans to increase cultivation capabilities; the potential benefits to the Company and/or Northern Vine as a result of Experion obtaining the license; the Company being unable to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; the Company’s competitors potentially developing competing methodologies and 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.