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Tuesday, February 20, 2018 2:27:58 PM
Published: Feb 20, 2018 1:49 p.m. ET
VANCOUVER, British Columbia, Feb 20, 2018 (GLOBE NEWSWIRE via COMTEX) --
Abattis Bioceuticals Corp. (the "Company" or "Abattis") (cse:ATT) is pleased to announce that CannaNUMUS Blockchain Inc. ("CannaNUMUS"), a company in which Abattis has a 49% ownership interest, has entered into an agreement to acquire ("Investment") a 10% stake in Gabriola Green Farms ("Gabriola") for $2.5 million. Through the Investment, Gabriola will participate in CannaNUMUS's blockchain portfolio of cannabis companies.
Gabriola is a privately held British Columbia company that has applied for a licence to produce under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on Gabriola Island, one of the gulf islands located in the Strait of Georgia off the coast of British Columbia. Gabriola Island has a consistent temperature and humidity level, which makes it well suited to greenhouse growing. Gabriola's current facility has a production capacity of approximately 2,000 kilograms.
Through the agreement with Gabriola, CannaNUMUS has satisfied the second milestone under the Investment Agreement dated January 31, 2018 between Abattis and CannaNUMUS.
"We are very impressed with the progress and execution at CannaNUMUS," stated Rob Abenante, President and CEO of Abattis. "We believe the collaboration between the two companies will be extremely beneficial for both entities."
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. 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 the Company at (604) 674-8232 or at news@abattis.com.
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