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Abattis Looks to Leverage Crypto for Cannabis M&A -- CFN Media
Abattis Looks to Leverage Crypto for Cannabis M&A -- CFN Media.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n SEATTLE, Feb. 13, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (\"CannabisFN\"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article covering Abattis Bioceuticals Corp.'s (CSE:ATT) (CNSX:ATT) (ATT.CN) (OTCQB:ATTBF) recent investment in a new cannabis-focused cryptocurrency that has yet to undergo an initial coin offering.\n Cryptocurrencies have taken the financial world by storm over the past several months. While the market has certainly been volatile, there is no doubt that blockchain technology and cryptocurrencies are here to stay as a broader concept. Many cryptocurrencies are targeting the cannabis industry given its need for reliable transaction records and payment processing outside of the traditional banking system. Cryptocurrencies and Cannabis Initial coin offerings, or ICOs, are the process of selling a new cryptocurrency in exchange for a more established cryptocurrency or fiat currency. For example, Storj-X raised $30 million in less than a week after announcing a platform that aims to provide cloud storage. The tokens serve as the currency by which users can purchase or rent out hard drive space. ICOs have become extremely popular throughout 2017 and moving into 2018. There are a few cannabis-focused coins out there currently. According to coinmarketcap.com, HempCoin, with an approximately $40 million market cap, and PotCoin, with an approximately $35 million market cap, are the two largest. As the cannabis industry matures on both sides of the border, the marriage between cryptocurrency and cannabis has the potential to grow significantly. Abattis Acquires CannaNUMUS Abattis Bioceuticals recently announced an investment agreement to acquire a 49 percent stake in CannaNUMUS Blockchain Inc., which is developing a cryptocurrency targeting the burgeoning cannabis industry. The company hopes to enable frictionless peer-to-peer transactions that marry the benefits of blockchain with the enforceability of legal contracts, which could be an attractive proposition for cannabis companies facing banking issues. “With a 49% equity stake in this blockchain platform, Abattis could see a significant upside from any CannaNUMUS liquidity event, including a reverse takeover of CannaNUMUS or an ICO,” said Abattis CEO Rob Abenante. “With both companies be...