VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) 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 (the “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.,
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 674-8232 or at firstname.lastname@example.org.
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to statements regarding the expected benefit to CannaNUMUS and Abattis of their collaboration, risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the cannabis industry in general, rules and regulations relating to the cannabis industry, operational risks associated with development and production operations, delays or changes in plans and unanticipated costs and expenses, among others. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. In particular, there is no assurance that CannaNUMUS and Abattis will benefit from their collaboration as expected or at all. Although the Company believes that the expectations reflected in the forward-looking statements set out in this news release are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, we do not undertake to update any forward-looking statement contained in this news release.
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Source:Abattis Bioceuticals Corp.