VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) is pleased to announce the engagement (the “Engagement”) of Ocean Pacific Contractors Ltd. (“Ocean Pacific”) for construction of a purpose-built 26,000 square foot cannabis production and extraction facility (the “Facility”) on Gabriola Island, British Columbia.
The Engagement follows completion of the Company’s recent acquisition of the remaining 10% interest in Gabriola Green Farms Inc. (“Gabriola”) from CannaNUMUS Blockchain Inc., as a result of which Gabriola is now a wholly-owned subsidiary of the Company. Through Gabriola, the Company is in the late stages of its application for a license to produce (the “LP”) under the Access to Cannabis for Medical Purposes Regulations.
The Facility will be a state-of-the-art facility with proposed growing, extraction and propagation areas and a genetics lab. Under the terms of the Engagement, construction of the Facility will be completed in four stages, with estimated cost of $1.5m. On receipt of the LP, the Company will be licensed to produce and sell cannabis and cannabis derivatives.
“The engagement of experienced construction contractors for our Gabriola facility crystallizes an important step in our path towards becoming a full service cannabis company," stated Rob Abenante, Abattis President and CEO. "Once we receive our license through Gabriola and complete construction of the Facility, we will have a large-scale platform from which to cultivate marijuana and produce and sell extracted cannabis products,” added Mr. Abenante.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com.
ON BEHALF OF THE BOARD OF
ABATTIS BIOCEUTICALS CORP.,
Robert Abenante, President & CEO
For more information, please visit the Company's website at: www.abattis.com or www.northernvinelabs.com
For inquiries, please contact the Company at (604) 674-8232 or at email@example.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain information set out in this news release constitutes forward-looking information, which may include information relating to: construction of the Facility, including its expected specifications; the terms of Ocean Pacific’s engagement and the expected satisfaction thereof; and the Company’s plans for once the LP is received and construction at the Facility is complete. Forward-looking statements (often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, rules and regulations relating to the cannabis industry, operational risks associated with development and production operations, delays or changes in plans and unanticipated costs and expenses, among others. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. In particular, there is no assurance that construction at the Facility will be completed as expected or at all, that Ocean Pacific will satisfy the terms of its engagement, that Gabriola will be awarded its LP, that the Company will be able to carry out its plans following receipt of the LP and construction of the Facility. Although the Company believes that the expectations reflected in the forward-looking statements set out in this news release are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, we do not undertake to update any forward-looking statement contained in this news release.