Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT)
(OTC:ATTBF) is pleased to announce the closing of its previously
announced agreement with Emerald Health Therapeutics Inc.
(“Emerald”) (TSXV:EMH) pursuant to which Emerald has invested $2.5
million into Northern Vine Canada Inc. (“Northern Vine”) in
exchange for a 53% equity stake in Northern Vine.
Northern Vine has now received the $2.5 million
investment. Abattis remains a 47% equity stakeholder in
Northern Vine, and gains several potential benefits from the
transaction with Emerald. Northern Vine’s LD status permits the
exporting and importing of cannabis and cannabis oils while
Emerald’s LP status permits the sales and import/export of
cannabis.
“It has been a pleasure working with Emerald’s
team and we’re very excited to officially begin our partnership
together,” said Rob Abenante, President and CEO of Abattis and
Northern Vine.
“Abattis is now partnered with one of the most
experienced LPs in Canada. Together we are exposed to a new
business and market opportunity which includes: ample supply of
cannabis, analytical testing, formulation, genetic research and
development and tissue culturing,” added Mr. Abenante.
Together, the partnered companies are focused on
high-quality product innovation, giving particular regard to
wellness and medical benefits, that they believe can set their
products apart from many licensed producers in the space that are
focused on scale.
"Our investment into Northern Vine and
partnership with Abattis will set the wheels in motion on a number
of strategic business opportunities that we have been nurturing,"
said Avtar Dhillon, MD, Executive Chairman of Emerald.
Northern Vine Update
Abattis is also pleased to announce that Health
Canada has officially renewed Northern Vine’s federal dealer
license to conduct activities with cannabis. Northern Vine’s
laboratory, located in Langley, British Columbia, continues to play
a strong role within Abattis’s full downstream service plan to
test, analyze, formulate, provide regulatory expertise, and assist
in branding and selling downstream products from cannabis
cultivators.
About Abattis Bioceuticals
Corp.
Abattis is a life sciences and bioceutical
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 follows strict
standard operating protocols, and adheres to the applicable laws of
Canada and foreign jurisdictions.
About Emerald Health Therapeutics
Inc.
Emerald Health Therapeutics, Inc. (TSXV:EMH)
(OTCQX:EMHTF) operates through Emerald Health Botanicals Inc.
("Botanicals"), a wholly owned subsidiary and Licensed Producer
under Canada’s Access to Cannabis for Medical Purposes Regulations.
Botanicals is authorized to produce and sell dried medical cannabis
flower and medical cannabis oil. It currently operates an indoor
facility in Victoria, BC, and is building a 150,000 s.f. hybrid
greenhouse on 32 acres in Metro Vancouver, with the potential to
expand this facility to 1 million s.f. to address the needs of the
legal Canadian recreational cannabis market. Botanicals has also
entered into a partnership with Village Farms to convert an
existing 1.1 million s.f. greenhouse in Delta, BC from growing
tomatoes to growing cannabis. Emerald’s team is highly experienced
in life sciences, product development and large-scale agribusiness.
Emerald and Botanicals are part of the Emerald Health group, which
is broadly focused on developing pharmaceutical, botanical and
nutraceutical products designed to provide wellness and medical
benefits through interacting with the human body’s endocannabinoid
system.
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
For inquiries, please contact the Company at
(604) 336-0881 or at news@abattis.com.
FORWARD LOOKING INFORMATIONThis 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 future potential of the relationship with Emerald,
that Abattis will maintain or continue to exercise control over
Norther Vine, that this investment by Emerald will yield positive
results for Abattis or the quality and breadth of products to be
produced. 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 the
type and breadth of products that will be produced by Northern
Vine, the profitability of Northern Vine, the ability Abattis will
have to control or direct the operations of Northern Vine, the
continued license status of Northern Vine or Emerald and ability of
Emerald and Abattis to work together to achieve their objectives
for Northern Vine. 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 as a result of new information, future events or results, or
otherwise, except as required by applicable securities laws.
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