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Abattis Completes Investment in XLABS Therapeutics to Launch New Cannabis Lab in Ontario
Abattis Completes Investment in XLABS Therapeutics to Launch New Cannabis Lab in Ontario.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\nVANCOUVER, British Columbia, July 24, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce that, further to its news release dated June 28, 2018, it has closed its investment in XLABS Therapeutics (ONT) Inc. (“XLABS”).\n Together, Abattis and XLABS will be launching a new cannabis laboratory in Belleville, Ontario (the “Laboratory”), to service Ontario’s growing cannabis sector. The Laboratory will be housed in a 320,000 square foot building (the “Belleville Facility”), with plans for an initial build-out of 10,000 square feet and future expansion into the remaining 310,000 square feet through organic growth and further joint ventures. The Belleville Facility has been deemed suitable for use as a medical cannabis research facility under Health Canada’s Narcotic Control Regulations (the “NCR”) by an independent consultant engaged by XLABS. XLABS hopes to receive licensed dealer status under the NCR. “Our partnership with XLABS marks another significant milestone for Abattis,” stated Rob Abenante, President and CEO of Abattis. “Although we continue to have a working preferred services agreement with Northern Vine’s laboratory in Langley, BC, we are looking to aggressively expand our service offerings with the Belleville Facility, including through key services such as industrial scale extraction,” added Mr. Abenante. Pursuant to the Agreement, Abattis acquired (the “Acquisition”) a 10% equity stake in XLABS, in exchange for an initial investment of $2.5 million into XLABS. In connection with the Acquisition, Rob Abenante, was appointed to the board of directors of XLABS. About Abattis Bioceuticals Corp. Abattis is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. Over the past few years, Abattis has made key acquisitions to leverage synergies and vertically integrate its business. Through Abattis’s partnership with Northern Vine Labs, Abattis has access to a laboratory facility holding a Health Canada dealer’s license and, through its wholly owned subsidiary Gabriola Green Farms, it has applied for a Health Canada license to p...