Abattis Bioceuticals Corp. (OTCQB: ATTBF) is engaged as a cannabis-based pharmaceutical and biotechnology company. Shares of the cannabis biopharma company are rallying 10%, through afternoon trading on Wednesday, August 23, 2017. Over the past month, Abattis Bioceuticals Corp. has seen average daily volume of 345,430 shares. However, volume of 219,853 shares or dollar volume of $25,393, has already exchanged hands on Wednesday.
Shares of Abattis Bioceuticals Corp. are gaining today, after its subsidiary, Northern Vine, provided an update on its growth targets. Northern Vine is a legal cannabis testing and analysis provider, which is nearing extraction of CBD derivatives for commercial use. The company has named Suzhou Raybot Material Tech Corp. has the “extraction team” for the CBDs and improved capacity and turn-around timing at the labs. Here is the full press release detailing of the growth target updates:
Abattis Bioceuticals Corp. Press Release:
VANCOUVER, British Columbia, Aug. 23, 2017 (GLOBE NEWSWIRE) — Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to provide an update on its subsidiary, Northern Vine Canada Inc. (“Northern Vine”), which specializes in the legal testing and analysis of cannabis products and is expected to soon commence extraction of cannabinoid derivatives for commercial applications.
“Northern Vine is ramping up for a busy finish to 2017,” said Northern Vine and Abattis President and CEO, Robert Abenante.
“We are very pleased with the progress of Northern Vine and are working hard to become a premiere cannabis laboratory and extraction processing center. Northern Vine is now poised for further growth and expansion. Given the progress of Northern Vine’s development, we anticipate that we will be ready for larger volume licensed producer (LP) clients by next quarter.”
Improved Capacity and Turn-Around Times
Northern Vine continues to successfully accept cannabis flower, oil and edible samples at its lab in Langley, BC. The team of scientists has improved their methods and procedures and are aiming to provide a full cannabinoid profile with the most efficient turnaround times in the market.
Additionally, Northern Vine has successfully submitted an application to Health Canada regarding enhancing its security from Level 3 to Level 6. Approval of this security level enhancement will increase the amount of controlled substances Northern Vine can hold and process in its lab to up to 25 kgs. This is expected to enable Northern Vine to exponentially increase the volume of services it can provide to LPs and ACMPR patients.
Arrival of Raybot Team
Northern Vine also welcomed the extraction team from Suzhou Raybot Material Tech Corp. (“Raybot”). Raybot’s contribution to Abattis’ and Northern Vine’s operations includes provision of Raybot’s proprietary extraction technology to Abattis and Northern Vine, and the granting of exclusive rights to sell and service Raybot’s extraction equipment. Delivery of two Raybot extraction machines is expected in the fall of 2017.
Strategically located in Langley, BC, Northern Vine is expected to be in the hub of major future testing and formulation activity. As Northern Vine streamlines its methods and customer service efforts, it plans to be a main service provider to the AMPCR market.
With the integration of Raybot’s technology and Northern Vine’s extraction and testing capabilities, Northern Vine is in the final stages of validating its various methods for a full array of services that include testing for potency, pesticides and heavy metals.
The arrival of the new machines will mark the beginning of the Company’s large-scale cannabinoid extraction business plan, which it hopes to replicate across Canada and globally.
New Additions to Northern Vine Lab Team
Northern Vine is pleased to announce the addition of scientists, Dr. Anika Singh and Akshita Puri, to its laboratory staff.
Dr. Singh holds a PhD in Food Science and Agricultural Chemistry from McGill University. Her projects have been funded by the Natural Sciences and Engineering Research Council of Canada (NSERC). She has composed several reviewed papers in various international journals of food science and nutrition.
Ms. Puri holds a Master’s degree in Biochemistry from McMaster University, with 7 years of research experience in the field of microbiology. Her experience includes managing multiple projects leading a team of 12 biotech professionals, and contributing to securing $2M in grant funding from the Canadian Institute of Health Research.
Science advisor, Dr. David Galvez, and the team at Northern Vine, are formulating a proprietary cannabinoid-infused product for strategic marketing and sales, with the goal of targeting Canadian, Australian, European and California markets. Product completion is anticipated for as early as fall 2017.
The team has identified an array of unique ingredients and delivery methods for maximum bioavailability and product efficacy and has begun brand development and marketing efforts around this initiative.
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 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’s product certification and quality assurance 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
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 proposed operations and results for the Company and Northern Vine for the duration of 2017 and thereafter; the expected increase in the volume of capacity of Northern Vine and the Company, and services they can respectively provide; that Northern Vine is expected to soon commence extraction of cannabinoid properties for commercial applications; the success of the formulation efforts of the Company and Northern Vine on proprietary cannabinoid infused products; the success of the marketing and sales of the proprietary formulations of the Company and Northern Vine; expected bioavailability and product efficacy; the expected timing of delivery of Raybot extraction machines; that Northern Vine is expected to be in the hub of major future testing and formulation activity; that Northern Vine plans to be a main service provider to the ACMPR market; the expected impact of the Raybot extraction technology on the business plan of the Company and Northern Vine; and the Company’s plans and expectations regarding the timing of completion of its proposed proprietary cannabinoid-infused product and the timing of completion thereof. 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, but not limited to, that: the Company and Northern Vine may not be able to commence extraction in the time expected; consumers may not accept, or be willing to purchase, products developed by the Company or its affiliates; the Company may not have access to supplies necessary to pursue its business plan; the Raybot machines may not arrive in the time expected or, if they do arrive, may not operate or function as expected; product formulation may not work as expected or at all; the Raybot technology may not be competitive in the market; the Company may be unsuccessful in developing new product formulations in the time expected or at all; the Company may not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; the Company’s competitors may develop competing technologies; and that there may be changes in regulatory requirements or other factors beyond the Company’s control that adversely affect the Company and/or its affiliates or investees. 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 contained in this news release are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, whether because of new information, future events or results, or otherwise, except as required by applicable securities laws.