Abattis Bioceuticals Corp. moves to a phase of building on recent investments and anticipates significant revenue growth in the fourth quarter of 2018.
Due to Abattis’ recently completed over-subscribed private placements and the forthcoming sale of its remaining stake in Northern Vine Canada Inc. to Emerald Health Therapeutics Inc., Abattis will be well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada, which is expected to occur on October 17th, 2018.
Through its master services agreement with Northern Vine, Abattis continues to have preferential access to a licensed lab, which will enable it to progress its research and development partnerships with the University of British Columbia, exploring nanoemulsified and liposomal platforms for transmucosal delivery of cannabinoid-rich hemp oil, and Faculty Brewing Company, developing hemp-infused, cannabinoid-rich, THC-free craft beer.
The company has also recently organised capital, through its investment in XLABS Therapeutics (ONT) Inc., which is developing a 10,000 square foot laboratory in Belleville, Ontario. Abattis will leverage the experience they attained through the build out of Northern Vine on a much larger scale. In accordance with the terms of the investment, Abattis president and CEO, Rob Abenante has joined the board of directors of XLABS.
Other recent investments that have been made by Abattis that will build its foundation as a fully-integrated downstream service cannabis company are Gabriola Green Farms, Vergence Naturals Ltd. and Green Tree Therapeutics Inc.
The company is optimistic that these investments will be producing significant revenue streams by the fourth quarter of this year, with revenues stemming from sales of cannabis flower and oils, vaporizers and new-fangled products through Vergence.
“Our diverse interests in the cannabis space and strong financial position have set us up to take advantage of the coming growth in our industry. We have built a strong foundation and look forward to reaping the benefits of our carefully planned efforts in the coming quarters,” says Rob Abenante, president and CEO of Abattis.