Vancouver, BC / ACCESSWIRE / March 24, 2014 / Abattis Bioceuticals Corp. (the "Company" or "Abattis") (OTC PINK: ATTBF) (CSE: ATT), is pleased to comment on Canadian Federal judge Justice Michael D. Manson's ruling on March 21, 2014.
A Federal Court judge issued an injunction Friday that exempts currently licensed marijuana users and producers from the incoming Marihuana for Medical Purposes Regulations ("MMPR"), set to take effect on April 1. This means that people with existing Authorization to Possess, Designated-person Production, or Personal-use Production licenses issued under the old rules will still be permitted to possess and/or grow medical marijuana past April 1.
This recent development is very positive for Abattis and underscores the value and effectiveness of the Company's integrated and diversified business model. Abattis believes this injunction will allow the Company to:
-Accelerate the execution of its business plan;
-Enhance near-term cash flow potential;
-Demonstrate the value of its integrated and diversified "GDERS" business model;
-Further strengthen its position as the leading legal marijuana company; and
-More quickly realize value for shareholders.
Abattis currently has access to several licenses issued under the Marihuana Medical Access Regulations ("MMAR") that were going to expire April 1. These licenses can now be kept active and potentially transferred to Abattis facilities with pending MMPR license applications enabling the Company to grow and sell medical marijuana sooner than first planned. The Company will also be able to demonstrate the efficiency of the Abattis Biocube Green Grow Systems by utilizing them at these facilities. Additionally, Abattis' newly acquired Natures Juice organic feed products will continue to be consumed by existing growers. Finally, the Company now anticipates a quicker roll out of its Canadian lab and testing facilities as well as its nationwide medical marijuana pharmacy model.
Abattis' "GDERS" (Grow, Dry, Extract, Refine, Science/Sell) business model was designed to provide the Company and its shareholders with the most diversified exposure to the burgeoning legal marijuana business as possible. While companies focused solely on the production of medical marijuana in Canada will likely be negatively impacted by Friday's ruling, Abattis stands to benefit significantly.
"It looks like Canada now has two systems operating at a Federal level. This is a best case scenario for Abattis as we had the foresight and good fortune to structure our business in a way that capitalizes on both this new ruling and the MMPR." stated Mike Withrow, CEO of Abattis Bioceuticals Corp. He went on to say, "Abattis was designed to be one of the only companies that can operate across multiple business lines in several international markets and now we can start legally growing in Canada earlier than expected. We have some of the top analysts working with us to ensure safety, consistency and innovation in all of our products."
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America. The company is positioned to capitalize on the fast growing trend toward marijuana legalization in the United States and for medicinal use in Canada and international jurisdictions by supplying and partnering with companies to employ its vertical cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. The company also has an extensive pipeline of high-quality products and Intellectual Property for the rapidly expanding botanical drug market. We follow strict Standard Operating Protocols and adhere to the Law's of Canada and Foreign Jurisdictions. For more information, visit the Company's website at www.abattis.com.
For further information, contact the Company's CEO, Michael Withrow at:
(778) 896-6536 or 1-872-701-5589 or at mike.withrow@abattis.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's Management's Discussion and Analysis for the nine months ended June 30, 2013 and filed on August 29, 2013 and for the year ended September 30, 2012 and filed on January 28, 2013 under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.