Abattis Bioceuticals Corp. (OTC:ATTBF) has announced its definitive agreement to acquire about 90 percent interest in Gabriola Green Farms Inc.
Gabriola being a privately held British company has applied for a license to be able to produce an LP under ACMPR in Gabriola Island. The Island has a predictable temperature levels thereby making it suitable to greenhouse growing.
According to Rob Abenante, Abattis CEO, this has been one of the most progressive reports that the company has made towards acquiring a full service cannabis company stature.
The company not only intends to cultivate marijuana after its licensing but to also sell extracted cannabis commodities which will complete the company’s entire downstream service offering.
The agreement has come after a number of capital raises, acquisitions, joint ventures and investments for the company.
The new investments include a Blockchain technology, a vaporizer company, Cryptocurrency besides any other collaborations with other respected institutions.
As a result of the agreement for an exchange of about 90 percent of ownership, Abattis will have to issue a consolidation of 59,760,956 of the common shares of the company at a price of $0.3765 for each share.
Abattis will also pay $2.5million cash to the owners of Gabriola making an exemption to CannaNumus Blockchain in which it earns a stake of about 49 percent for which it has to retain about a 10 percent stake to Gabriola
Besides that, Abattis is also expected to make milestone payments to the shareholders of Gabriola; first $5 million in the event of certification cultivation and second $5 million in the event of certification of sales by the ACMPR
Abattis is a biotechnology and a life sciences company which sums, blends and makes its investments in the cannabis technology and full biotechnology service for the cannabis industry of Canada.
The company in its quests for growth has prosperously developed and acquired certification for its health products, extractions, medicines, the cosmetics market etc.
The company is also prospecting to get exclusive rights to agritechnology that it shall employ in extracting and in the processing botanical compounds.