Business
Abattis Enters Into Definitive Agreement to Acquire Green Tree Therapeutics
Abattis Enters Into Definitive Agreement to Acquire Green Tree Therapeutics.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the \"Company\" or \"Abattis\") (CSE:ATT) (OTC:ATTBF) is pleased to announce that, further to its news releases dated December 22, 2017, it has entered into a definitive agreement (the “Definitive Agreement”) to acquire (the “Acquisition”) Green Tree Therapeutics Corporation (“GTT”, “Green Tree” or “GT Therapeutics Corporation”).\n GTT’s brands are currently sold in a wide variety of brick and mortar locations across North America, including wholesale channels. The Green Tree acquisition will bring Abattis 10 unique branded SKUs and a series of marketing, licensing, and technology rights. Upon closing of the Acquisition, products within the Green Tree brand will made available through Abattis’s wholly-owned subsidiary Vergence Naturals Ltd. (“Vergence”). “Abattis has always seen Green Tree as a perfect fit to merge with existing products within our marketing wing in Vergence,” stated Rob Abenante, President and CEO of Abattis. “Acquiring GTT will complement our retail offerings through Vergence and provide a solid entry point into the vaporizers market.” Moving forward within Abattis, Green Tree will continue to be engaged in expanding its product offerings for alternate cannabis products, including capsules, and lotions. “The key to this deal is our gained access to retail through integrating GTT’s products, including the Green Tree brand of vaporizers, which are renowned for their ability to deliver the therapeutic benefits of CBD and THC extracts,” added Mr. Abenante. “In addition, Abattis is pleased to take on GTT’s sales and marketing staff that are trained with valuable cannabis knowledge and ancillary products.” Considering the state of the capital markets and, in particular, the strength of the equity markets for cannabis companies, the parties decided to re-negotiate the terms of the Acquisition as previously disclosed. Accordingly, the parties have agreed that, pursuant to the Definitive Agreement, Abattis will issue an aggregate of 15,000,000 common shares of the Company (each, a “Share”) to the former shareholders of Green Tree. In addition, in exchange for the right to...