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Monthly progress report posted yesterday.
https://webfiles.thecse.com/ABATTIS_-_CSE_Form_7_-_Monthly_Progress_Report_February_2019.docx.pdf?90FHomao.2gIlw_LDV9ZvtR0J5t9R9.v=
I normally don’t comment on news that I post here but I gotta say”WTF?”
Excerpt from latest Sedar filing: ABATTIS RETAINS CANADIAN AND AMERICAN COMPLIANCE AGENCY AND PROVIDES COMPANY UPDATE
VANCOUVER, BRITISH COLUMBIA / November 20, 2018 / Abattis Bioceuticals Corp (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce the appointment of Ingredient Identity LLC (“Ingredient Identity”), a Canadian and US regulatory and compliance agency, to assist the Company’s wholly-owned subsidiary, Vergence Naturals Ltd. (“Vergence Naturals”), with their ongoing Canadian and US regulatory compliance program.
“Regulatory compliance is a cornerstone objective for Vergence Naturals, or any nutraceutical business,” stated Rob Abenante, President and CEO of Vergence Naturals.
“Navigating the ever-changing landscape of allowable claims and statements can be tricky, but adding international claims to the mix makes it even more difficult to keep up without professional representation. Ingredient Identity are the nutraceutical industry experts in compliance,” added Mr. Abenante.
“It is critically important to perform high-level regulatory consulting, strategic planning and due diligence for projects and to effectively plan for growth or mitigate high risk legal and regulatory matters,” stated Jim Lassiter, CEO of Ingredient Identity. “We provide the development and review of content for labeling, packaging, website copy, label claims, claims substantiation and television commercial or radio scripts to ensure compliance with the GMPs, FDA, FTC or other regulatory agencies governing such products in the global marketplace.” Added Mr. Lassiter.
“One example of the difficulty of international regulatory compliance with respect to Natural Health Products is that Canada allows for turmeric – a phytocannabinoid spice – to be labelled as an ‘anti-inflammatory,’ however, no herbal supplement sold in the USA may use that term,” commented Brandon Griffin, President and Co-Founder of Ingredient Identity.
“Imagine the chaos created by this type of legal ‘tug-of-war’,” commented Dr. Brazos Minshew, head of the Medical Advisory Board for Vergence Naturals and Abattis.
“You can see why Vergence Naturals needs top-tier regulatory compliance support as we develop our International markets. 2018 will end in a flurry of sales activity for Vergence Naturals surrounding the phytocannabinoid pain-reliever, Comfort! and Comfort Extra-Strength! Our relationship with Ingredient Identity will help us properly plan these product launches, while avoiding the legal mine-field associated with Canadian / US political animas,” added Dr. Minshew.
Somehow I missed this until today:
Material change report - seems Abattis has moved
https://www.sedar.com/GetFile.do?lang=EN&docClass=14&issuerNo=00011477&issuerType=03&projectNo=02878079&docId=4466781
Coincidentally:
Same address (building and suite, same CEO _- Abenante) as Marifil Mines:
https://www.sec.gov/Archives/edgar/data/1571724/000108503718000118/xslFormDX01/primary_doc.xml
Sounds familiar re: "consultant"
https://www.marifilmines.com/corporate_consultant-2/
Postponed conference call indefinitely, financials not completed due to ongoing audit, trade halt continues on Canadian side.
https://globenewswire.com/news-release/2019/02/28/1743917/0/en/Abattis-Provides-Update-on-Conference-Call.html
I'm taking side bets as to whether or not they show up and present at the March 4th meeting. I say they're a no-show.
https://www.cochranetimes.com/news/local-news/council-agrees-to-new-hires-meeting-times-wont-change
http://iiroc.mediaroom.com/index.php?s=2429&item=154191
Above is the link to the IIROC halt.
E*TRADE shows 100k shares traded 4 minutes in. Price: LO: .057 HI: O.0675
So only Canadian side is halted? Doesn’t make sense.
As of this post the site is down with the following message.
"Our new website is in the works. In the meantime, feel free to contact us at info@vergencenaturals.com for any general inquiries."
https://vergencenaturals.com
Just putting today's "news" release in perspective during the height of the holiday shopping season.
Click “file a complaint” tab in left column. I just did. Here’s the link:
https://www.bcsc.bc.ca/
Non-binding LOI to acquire a fertilizer company:
https://globenewswire.com/news-release/2018/12/07/1664035/0/en/Abattis-Announces-Acquisition-of-Fertilizer-Company-NutriVida.html
I have reduced my stake in this company to the point that win or lose it’s just lunch money. Nevertheless it’s time for new management.
Pretty sure they're talking about Abattis. It's just company paid advertising anyway but interesting timing.
http://www.icontact-archive.com/aaeAnbeTqka8wNKwbTgz1bRvCXXLuZj4?w=4
I wrote investor relations a couple of weeks ago inquiring about the status of Gabriola facility and the license. Here is an excerpt from Jono Danieli's email response.
"Thank you so much for your interest in Abattis!
In regards to your inquiry about the Gabriola LP - we are currently a late-stage ACMPR LP applicant and are working with the Health Canada consistently to move forward with our application.
The retro-fitting of the Gabriola Green Farms is underway and we are expecting to be releasing information and updates on the progress within the upcoming months.
As per your comment on the Gabriola residents, Abattis has not received any formal complaints or comments from residents as of yet - but I can understand the reasoning behind any concerns. Being that Gabriola was a farm to begin with that it had it’s own previous processes (of a agricultural and business nature), we will be starting our production of legal cannabis in the same way (within the preliminary square footage as mentioned in our previous News Releases).
Our focus has always been, and will continue to be, working with the Gabriola community to make sure that all island residents are happy with how we conduct our business as legalization approaches.
If you have any additional comments, please feel free to send them my way."
More from SEDAR:
https://www.sedar.com/GetFile.do?lang=EN&docClass=13&issuerNo=00011477&issuerType=03&projectNo=02802469&docId=4363446
BTW - we’re NOT invited. :(
Wow! That was interesting. Left few months ago, selling at a small profit. Just looked at the price history on this thing since I left. Could of would of - but still can't complain. Current price is below what I sold it for but with all the dilution and current market cap I'll wait a bit longer until it goes lower before I buy again (and that's still an "if").
Although their market cap is not completely whacked compare to other cannabis companies, seeing actual revenue sure would bolster my confidence.
This is curious company. Sometimes it smells fishy, sometimes not.
Meanwhile I'll start reading the board again - always entertaining. If I get back in because I have found out something to sway me I'll let you know. In the meantime GTLA.
I'm out. Never heard back from them regarding my inquiry. If I get a return email I'll post it. But for now I'm out. Bought in at $1 but was able to average down to $.067 so still made a profit (sorry ebota - that was probably your money I took). Not the selling price of my dreams but for the sweat of a few key strokes and time I'm not complaining. I'll be back.
So maybe not so crazy after all.
Type "Canadian mining cannabis" into a search engine and one comes up with a plethora of news stories regarding the link between cannabis industry and Canadian mining. This is may be a rabbit hole but I am going to go into the "weeds" on this one. Abanante becoming the CEO of a cannabis company and a mining company may not be nuts after all. May be synergy instead.
Hmmm. The lawsuit doesn't concern me as much as his appointment as president and CEO of a mining company. I just wrote an email (below) to Abattis to inquire about it .They have a good track record of getting back to me fairly quickly. I will post their reply when I get it.
"As an investor I am concerned about the following two news items:
https://www.pressreader.com/canada/stockwatch-daily/20170911/281505046375272
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1520-tsx-venture/mfm/38162-marifil-mines-appoints-robert-abenante-as-president-and-ceo.html
Please explain how Mr. Abenante, CEO of Abattis Bioceuticals , will have enough time to run two companies and fight a law suit.
Thank-you"
I usually have ebota on ignore but so many people respond to him/her/them that I lose the Gestalt of the conversation. That said, ebota has produced a link of note to the insider selling. He/she/they has come up with one theory, namely that this particular insider knows something negative which is why the insider is "dumping".
Looking at the data I would like to postulate an alternative theory:
Here are my assumptions and thoughts:
1. The insider is taking advantage of the recent price increase to take a profit.
2. The 500,000 shares she's sold may/probably represents a small portion of her portfolio. She netted approximately $100,000 US.
3. If she was dumping why aren't other insiders dumping as well?
4. Insiders sell for number of reasons; they need cash to pay the rent; they want cash to invest in something else; taxes (and this can mean a number of things: paying them, adjusting income at the end of the year to reduce exposure to a higher tax bracket); it's Christmas and she wants to buy gifts for her family. I've never been an insider but I have done all of the above at years end.
So is something nefarious happening? Maybe, maybe not. I don't know. But it should be just as easy to imagine a benign scenario as it is to imagine a negative or positive one. This is still a penny stock with all the attendant risks of buying penny stocks. It may go up, it may go down, it may do nothing, it may disappear. I've bought penny stocks that have done all those things.
So my theory about this insider selling is that it is a benign event. It indicates, in my opinion, nothing. And so for now I remain an investor in this stock.
Always look to the dialectic.
And one more thing Ebota - I don't know why you are still on this board. You should have sold your position last week. Back to ignore for you.
Guay - thanks for posting the link to the article. I am paying close attention to the last sentence:
"Looking Ahead
Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) and Emerald Health Therapeutics Inc.’s (TSX-V: EMH) (OTCQX: EMHTF) Northern Vine Laboratories, with its Dealers License and lab facility, is uniquely positioned to take advantage of these important related business opportunities in the cannabis market. They could be a boon to both companies’ shareholders."
With the $2.5 million from the sale and potentially another $4 million from the private placement Abattis is in a good position to leverage it's growth.
Have a happy Thanksgiving
I try not to engage speculative thinking about my stocks but based on what I'm reading market consolidation is happening and will likely quicken its pace. Abattis will have some cash on hand between the agreement with Emerald and more if it completes the private placement announced last month.
Here's an interesting take on the market today. I'm paying close attention to the last sentence of the article:
http://marijuanastocks.com/more-money-more-problems-for-canadas-marijuana-stocks/
“We believe there is still long-term growth in the sector but many of the smaller pot companies may not survive when competition heats up”
It will be interesting to see how this impacts Abattis if Emerald is taken over.
https://smallcappower.com/news/market-news/emerald-health-therapeutics-stock-price/
Even a broken clock is right twice a day.
Yes you are correct. Thank you for clarifying that point. For the record I aspire to be a high net worth individual.
You/we can’t unless you/we are institutional investors or selected investors. See link below:
http://www.investopedia.com/ask/answers/052815/how-does-private-placement-affect-share-price.asp
Share price should drop but I’m not seeing that yet. It’s possible - AND THE FOLLOWING IS ONLY MY OPINION AND SPECULATIVE THINKING - that because the Canadian cannabis sector is likely to increase share prices over time that the general sector run up may mitigate the decrease in ATT.BF share price from the dilution.
This is new to me. From the Abattis website investors link:
http://testsiteservers.com/abattis/wp-content/uploads/2017/10/Abattis-Presentation_SEPT-2017.pdf
Just received this evite in my mailbox:
CSE TALKS: GOING PUBLIC IN THE CANNABIS SECTOR
Abattis CEO, Robert Abanante will be a key industry presenter at CSE TALKS, an insightful seminar on the going public process with a focus on the Cannabis sector. The event takes place October 17, 2017 in Vancouver, BC.
For more information please follow the link below.
https://www.eventbrite.ca/e/cse-talks-going-public-in-the-cannabis-sector-tickets-38122552581
Copyright © 2017 Abattis Bioceuticals Corp. All rights reserved.
Our mailing address is:
#224 - 970 Burrard St., Vancouver, BC V6K 2Z4
Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list
Dated yesterday but I didn't see this until today:
http://thecse.com/sites/default/files/Filing_Version_-_CSE_Form_7_-_Monthly_Progress_Report-_For_September_2017.pdf
So using a Singapore IP address I did a google search for Global Damon. This what I found. The link is provided for verification - save your self the trouble of reading the article. I copied and pasted the relevant paragraph. The then CEO consulted on a deal between two other parties.
http://www.businesswire.com/news/home/20030604005543/en/BioTime-Meets-Industry-Partners-Asia
"June 04, 2003 01:14 PM Eastern Daylight Time
***
Global Damon Pharma is an established Korean pharmaceutical company with sales representatives covering both the ethical and over-the-counter markets. The company markets a wide range of products under distribution and marketing agreements with companies based all over the world. Some of the partners are: Amarillo Biosciences for natural oral interferon, Matritech for NMP 22, Cellegy for Retogesic, Devax for Y-Flex stent, Hayashibara for interferon injectable, Teraklin for artificial liver, MED EQ for Libido, Laphal for Ozothine and so on.
***"
Just received this email from Abattis:
Global Damon Pharmaceuticals is a private corporation based in South Korea. It is a very old, private company that has no web site. It is a very large distributor of pharmaceuticals, nutraceuticals, functional foods and related products in Asia.
The contact information is below.
CONTACT INFO
Global Damon Pharm
Phone: (82) 2-3673-2367
Garden Tower Bldg., Ste. 1803
Wooni-Dong, 98-78
South Korea
Thank you for your interest in Abattis.
Kathleen Martin