Vancouver, BC / ACCESSWIRE / June 9, 2014 / Abattis Bioceuticals Corp. (the "Company" or "Abattis") (OTC PINK: ATTBF) (CSE: ATT), a vertically integrated biotechnology company focused on cultivating botanicals, licensing and marketing proprietary bio-similar compounds, and unique extraction technologies and consulting services to medicinal markets in North America, today announced that it has leased a 16,200 square foot facility zoned for medical marijuana near Vancouver, B.C. with the potential to expand to up to 254,000 square feet.
"We are committed to achieving Licensed Producer status under Health Canada's MMPR," said Abattis Bioceuticals Corp. President and CEO Michael Withrow. "The new growing facility takes us closer to securing the license and positions us for long-term expansion with up to 254,000 square feet of growing space. Several of our subsidiaries are in the late stages of the MMPR licensing process and we continue an active dialogue with Health Canada as we work toward the approvals on the applications we have submitted."
The facility was leased from Crimson Opportunities Ltd., which is owned by Abattis Bioceuticals' CFO. Until it secures a license, the Company will use the facility to manufacture and warehouse its proprietary Biocube systems. Upon approval, the facility will be converted to house up to 28 Biocube systems, an in-house laboratory, and a vault area for the secure storage of cannabis. Two additional buildings on the 6.5 acre property could also be used to expand cultivation to ~254,000 square feet.
Abattis Bioceuticals' cultivation partners, Experion, has an additional 4,000 square foot growing facility with 10 acres that could be used to support growth. Currently, the subsidiary is in the late stages of MMPR licensing with Health Canada awaiting inspection and a letter to build. The Biocube environments that will be used in both facilities are designed to produce food and pharma-grade material and prevent the loss of crops due to infestation, mold, and contamination by maintaining separate small controlled environments for specific cannabis strains.
"Experion is progressing through Health Canada's MMPR licensing process and believes that its license will be secured in the near future," said Abattis Bioceuticals' Lobbyist Manny Montenegrino. "We are encouraged by the progress so far and have a high level of confidence in our team and technology."
Additional MMPR licensing applications are pending with the Company's other subsidiaries, including BioCell Labs. Abattis continues to add to the cumulative zoned MM space in Canada with strategic investments in MMPR applicant True Leaf Medicine Corp. Northern Vine Canada Inc., a subsidiary of Abattis, is also in the late stages of its application for a Controlled Substance License, which will enable the company to extract and test compounds in cannabis.
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.
ON BEHALF OF THE BOARD
"Mike Withrow"
Michael Withrow
President & CEO
For further information, contact the Company's CEO, Michael Withrow at (778) 896-6536 or at [email protected].
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 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.
SOURCE: Abattis Bioceuticals Corp.