Business
Abattis signs definitive distribution agreement with GD Pharma to sell Abattis products in South Korea
Abattis signs definitive distribution agreement with GD Pharma to sell Abattis products in South Korea.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n VANCOUVER, British Columbia, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the \"Company\" or \"Abattis\") (CSE:ATT) (OTC:ATTBF) is pleased to announce it has reached a definitive agreement with Global Damon Pharma (“GD Pharma”) of South Korea, to distribute and sell Abattis’ product lines exclusively in South Korea. The agreement allows GD Pharma to begin sales of Abattis products in South Korea effective immediately.\n Since Northern Vine Canada Inc., a subsidiary of Abattis, officially became an authorized licensed Dealer last year, GD Pharma began to aid the Company in researching and identifying opportunities for sales of CBD products in South Korea. “With GD Pharma’s established distribution channels in the region, we believe the potential for our products in South Korea is very bright,” said Rob Abenante, President and CEO of Abattis. “The hemp market is just beginning to open up in South Korea, which as a nation imported approximately 20-30 tons of hemp seed per week from Canada last year. We see major potential with this market.” GD Pharma has expressed its willingness to further work on research and development with Abattis’ science team to foster and develop more CBD-infused products. Mr. Don Ki Kim, CEO of GD Pharma noted that: “Global Damon Pharma is very happy to make our partnership with Abattis official. We will proactively identify and strategically source the marketing, sales, and distribution channels that we believe will benefit our partnership, and the products we will deliver to South Korea. We are excited to demonstrate our expertise in sales and marketing, as well as timely and compliant delivery of revenues oversees to our partners. We are currently searching for the most suitable partner in the pharmaceutical sector in order to seek more medical benefits from CBD, so that we can work with Abattis in their lab to formulate products together.” Abattis and GD Pharma plan to work together on new formulations through Abattis’ subsidiary Northern Vine Canada Inc. (“Northern Vine Labs”), with a focus on CBD-infused products. Upon successful development, these products will be sold in North American markets through Abattis’ wholly-owned subsidiary Vergence Naturals Ltd. (“Vergence”), in Eur...