Abattis Announces Completion of Investment by Emerald Health Therapeutics in Northern Vine
Emerald and Abattis positioned to grow analytical testing and import opportunities facilitated by Northern Vines’ recently renewed Licensed Dealer Laboratory
NOVEMBER 21, 2017 | Abattis Bioceuticals
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.,
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 firstname.lastname@example.org.
FORWARD LOOKING INFORMATION
This 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 law