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Abattis Enters Into Definitive Agreement to Launch New Cannabis Lab in Ontario
Abattis Enters Into Definitive Agreement to Launch New Cannabis Lab in Ontario.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\nVANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce that it has entered into a definitive investment agreement dated June 27, 2018 (the “Agreement”) with XLABS Therapeutics (ONT) Inc. (“XLABS”) to launch a new Cannabis laboratory in Belleville, Ontario (the “Laboratory”). The Laboratory will be designed to service Ontario’s growing cannabis sector, which currently numbers 59 licensed producers (“LPs”).\n “This is another very significant milestone for Abattis,” stated Rob Abenante, President and CEO of Abattis. “Launching a laboratory of this size will substantially expand our lab business and strengthen our downstream service offerings,” added Mr. Abenante. The Laboratory will housed in a 320,000 square foot building (the “Belleville Facility”).  Abattis and XLABs plan for an initial build-out of 10,000 square feet, with plans to expand into the remaining 310,000 square feet available at the Belleville Facility through organic growth and further joint-ventures. The Laboratory will focus on the following services: extraction of cannabinoids into oilsstorage of flowers and oilstesting and analytical services for LPs manufacturing of cannabis productsresearch and developmentformulation of cannabinoid-infused products “With the recent passing of Bill C-45, Canada is now heading down the home stretch to the legalization of recreational marijuana. Abattis is working hard to be one of the best positioned companies to fully service the coming growth in demand for cannabis and related products,” continued Mr. Abenante. Pursuant to the Agreement, Abattis will acquire (the “Acquisition”) a 10% equity stake in XLABS, in exchange for an initial investment of $2.5 million into XLABS. XLABS has secured a location at the Belleville Facility. 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. Abattis operates a diverse range of businesses across the cannabis spa...