Abattis Announces Successful Completion of Acquisition of Gabriola Green Farms
GlobeNewswire•March 2, 2018
VANCOUVER, British Columbia, March 02, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (ATTBF) is pleased to announce that, further to its news release dated February 27, 2018, it has completed its acquisition (the “Acquisition”) of a 90% ownership interest in Gabriola Green Farms Inc. (“Gabriola”).
Gabriola is a British Columbia company that has applied for a license to produce (an “LP”) 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.
“We are excited to complete our acquisition of Gabriola. Gabriola’s anticipated LP will complete our suite of downstream offerings and be the highlight of our growth into a full-service cannabis company,” stated Rob Abenante, Abattis President and CEO.
Gabriola currently has plans for an approximately 26,000 square-foot production facility to produce medical-grade marijuana located on 18 acres in the agricultural land reserve on Gabriola Island, BC. The facility will include a level 8 security vault.
Gabriola’s production facilities are expected to be constructed in two phases:
Phase 1 - Buildout of its 6,000-square-foot state-of-the-art facility, consistent with ACMPR standards.
Phase 2 - Upon completion of the Phase 1 buildout, Gabriola will build out an expansion of approximately 20,000 square feet.
In connection with the Acquisition, the Company issued an aggregate of 61,307,902 common shares of the Company and paid $2.5 million in cash to the shareholders of Gabriola. In connection with the Acquisition, Abattis has also secured (i) a right of first refusal on the remaining 10% ownership interest in Gabriola from CannaNUMUS Blockchain Inc. and (ii) an option to acquire the lands on which Gabriola’s operations are conducted for $7 million until February 27, 2023 from an unrelated third-party.
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.,
