Business
Abattis Enters Into Definitive Agreement to Sell Northern Vine Interest
Abattis Enters Into Definitive Agreement to Sell Northern Vine Interest.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\nVANCOUVER, British Columbia, July 19, 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 agreement (the “Agreement”) with Emerald Health Therapeutics, Inc. (“Emerald”) to dispose of (the “Disposition”) its 35% interest in Northern Vine Canada Inc. (“Northern Vine”) in exchange for $2 million in cash and $4 million in freely tradeable common shares of Emerald.\n The Agreement also provides that, upon Northern Vine and/or Emerald earning gross revenues of $10 million from the sale of products or services to customers introduced by Abattis, Emerald will issue Abattis a further $4 million in common shares of Emerald. In connection with the Agreement, Abattis has entered into a master services agreement with Northern Vine to provide for Abattis’s continued use of Northern Vine’s laboratory as a “preferred customer”, including with respect to Abattis’s development work on a hemp-infused cannabinoid-rich, THC-free craft beer with Faculty Brewing Co. and on nanoemulsified and liposomal platforms for transmucosal delivery of cannabinoid-rich hemp oil with the University of British Columbia. “It has been a pleasure partnering with Emerald on Northern Vine since November 2017. We look forward to collaborating with them in the future and to continuing our working relationship with the Northern Vine laboratory,” stated Rob Abenante, President and CEO of Abattis. Closing of the Disposition is subject to, among other things, the receipt of any required consents, including that of the Canadian Securities Exchange and the TSX Venture Exchange. 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 ownership interest in 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 produce and sell Cann...