Business

Abattis Bioceuticals Corp (OTCQB:ATTBF) Finalizes Definitive Deal To Buy Gabriola Green Farms

Abattis Bioceuticals Corp (OTCQB:ATTBF) has finalized a definitive agreement to acquire a 90% ownership stake in Gabriola Green Farms Inc. Gabriola marks as a privately held firm that has filed for a license to produce under the “ACMPR” on Gabriola Island, which boasts a consistent humidity level and temperature, which makes it suited to greenhouse cultivation.

The buzz

Rob Abenante, the President and CEO of Abattis, expressed that this marks as one of the most notable steps their firm has implemented towards becoming a full-fledged cannabis firm. After successfully getting a license through Gabriola, they plan to cultivate marijuana, and more importantly offer extracted cannabis products.

The deal comes after a series of capital raises, rapid acquisitions, joint-ventures and investments for the firm, which comprise the buying of a cash flowing vaporizer firm, investment into an advanced cryptocurrency and Blockchain technology and numerous collaborations with renowned organizations.

Pursuant to the deal, in lieu for a 90% ownership stake in Gabriola, Abattis will release an aggregate of around 59.760 million common shares of the firm, at a deemed rate of $0.3765 a share, and compensate an aggregate cash of $2.5 million to Gabriola shareholders, with the exclusion of CannaNUMUS Blockchain Inc., a firm in which Abattis has a 49% stake, which will keep its 10% stake in Gabriola.

Pertaining to the deal, Abattis has even secured a right of primary refusal on the outstanding 10% ownership stake in Gabriola from CannaNUMUS, and an option to buy the properties on which Gabriola’s businesses are performed in a deal valued at $7 million until February 27, 2023.

In the last trading session, the stock price of Abattis Bioceuticals gained more than 8% to close the day at $0.316. The gains came at a share volume of 3.88 million compared to average share volume of 1.29 million.