Abattis Bioceuticals Corp. (OTCQB: ATTBF) is engaged as a cannabis-based pharmaceutical developer. Shares of the cannabis medicine developer are down 8.67%, through early trading on Tuesday, October 10, 2017. Over the past month, Abattis Bioceuticals Corp. has seen average daily volume of 528,875 shares. However, volume of 530,083 shares or dollar volume of $83,753, has already exchanged hands on the day.
Shares of Abattis Bioceuticals Corp. are down today, after the company recently announced that it has signed a distribution agreement with Global Damon Pharma of South Korea. Under the terms of the deal, Global Damon Pharma will sell Abattis Bioceuticals Corp. products across South Korea. Here is the full press release detailing of the distribution deal:
Abattis Bioceuticals Corp. Press Release:
VANCOUVER, British Columbia, Oct. 03, 2017 (GLOBE NEWSWIRE) — Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce it has reached a definitive agreement with Global Damon Pharma (“GD Pharma”) of South Korea, to distribute and sell Abattis’ product lines exclusively in South Korea. The agreement allows GD Pharma to begin sales of Abattis products in South Korea effective immediately.
Since Northern Vine Canada Inc., a subsidiary of Abattis, officially became an authorized licensed Dealer last year, GD Pharma began to aid the Company in researching and identifying opportunities for sales of CBD products in South Korea.
“With GD Pharma’s established distribution channels in the region, we believe the potential for our products in South Korea is very bright,” said Rob Abenante, President and CEO of Abattis. “The hemp market is just beginning to open up in South Korea, which as a nation imported approximately 20-30 tons of hemp seed per week from Canada last year. We see major potential with this market.”
GD Pharma has expressed its willingness to further work on research and development with Abattis’ science team to foster and develop more CBD-infused products.
Mr. Don Ki Kim, CEO of GD Pharma noted that: “Global Damon Pharma is very happy to make our partnership with Abattis official. We will proactively identify and strategically source the marketing, sales, and distribution channels that we believe will benefit our partnership, and the products we will deliver to South Korea. We are excited to demonstrate our expertise in sales and marketing, as well as timely and compliant delivery of revenues oversees to our partners. We are currently searching for the most suitable partner in the pharmaceutical sector in order to seek more medical benefits from CBD, so that we can work with Abattis in their lab to formulate products together.”
Abattis and GD Pharma plan to work together on new formulations through Abattis’ subsidiary Northern Vine Canada Inc. (“Northern Vine Labs”), with a focus on CBD-infused products. Upon successful development, these products will be sold in North American markets through Abattis’ wholly-owned subsidiary Vergence Naturals Ltd. (“Vergence”), in Europe and in South Korea exclusively through GD Pharma’s distribution channels.
“We could not be more excited about this opportunity to work with a company like GD Pharma,” added Mr. Abenante. “GD Pharma will assist Northern Vine and Vergence in developing formulations and products specifically targeted to South Korea’s significant and rapidly evolving CBD market.”
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology 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 is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada and foreign jurisdictions.
About Vergence Naturals Ltd.
Vergence Naturals™, is a wholly owned subsidiary of Abattis, based in Vancouver, B.C., Canada. The Vergence team are bioceutical marketing specialists focused on health products to penetrate the fast-growing market for natural, safe and effective natural products that meet unmet wellness needs.
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.
About Global Damon Pharma Co., Ltd.
The Global Damon Pharma Co., Ltd. (GD Pharma) was established in 1995 by Mr. Don Ki Kim after thirty years of dedicated work as President and CEO of Boryung Pharmaceutical Co., Ltd., one of the leading Korean pharmaceutical companies. GD Pharma provides biological and pharmaceutical consulting services as well as business development including licensing, marketing, sales & distribution of medicines, medical devices, health food and cosmeceuticals. We are currently working with our many business partners from U.S.A., Canada, EU, Japan and APAC, and have achieved more than twenty (20) licensing deals so far since our company was opened 20 years ago.
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 this distribution arrangement and the products to be sold through distribution channels in South Korea. 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 that the distribution arrangement described herein will provide revenue for Company; that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company’s competitors may develop competing technologies, changes in regulatory requirements and other factors beyond the Company’s control; or that competitors may have more successful distribution arrangements than the Company. 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.