VANCOUVER, British Columbia, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (ATTBF) is pleased to announce that, further to its news releases dated December 22, 2017 and January 11, 2018, it has completed its acquisition (the “Acquisition”) of Green Tree Therapeutics (“Green Tree”). As a result of the Acquisition, Green Tree is now a wholly-owned subsidiary of Abattis and Green Tree’s products will become available through Abattis’s wholly-owned subsidiary Vergence Naturals Ltd.
“The closing of our acquisition of Green Tree represents a significant milestone for Abattis,” stated Rob Abenante, President and CEO of Abattis. “We have now expanded our retail presence and established a solid entry point into the vaporizers market. In connection with the Acquisition, we look to merge our complementary businesses to expand our product lines and customer base.”
The Company has recently announced an agreement to partner with ABLE BC and earlier this week announced an agreement with Faculty Brewing Co., an ABLE BC member, to create a hemp-infused, cannabinoid-rich, THC-free craft beer. The acquisition of Green Tree continues to expand Abattis’ growing portfolio of products and services and is positioning the Company to take advantage of the expected legalization of recreational marijuana this summer.
“By merging Green Tree’s sales, marketing and already-existing vaporizers business with Abattis’s technological advances in extracts and lab facilities, we hope to create a new line of cannabis consumption that will capture the upcoming recreational market,” continued Mr. Abenante. “Sales of vaporizers have increased significantly in comparison to traditional methods of cannabis consumption and by merging Green Tree’s vaporizer products with Abattis’s existing products and growing pipeline, we look to create a line that will match consumer habits and trends, setting ourselves apart from existing competition with our knowledge, facilities, and sales channels.”
In connection with the Acquisition, the Company issued an aggregate of 15,000,000 common shares of the Company (each, a “Share”) to the former shareholders of Green Tree. In addition, in consideration for the right to acquire Green Tree, which right was previously held by Winston Resources Inc. (“Winston”), Abattis issued 15,000,000 Shares to Winston. The Shares issued to Winston are subject to a hold period expiring May 25, 2018.
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 further information please visit www.abattis.com
About Vergence Naturals Ltd.
Vergence Naturals™ is a wholly-owned subsidiary of Abattis, based in Vancouver, B.C., Canada. The Vergence team are bioceutical marketing specialists focused on health products to penetrate the fast-growing market for natural, safe and effective natural products that meet unmet wellness needs. For further information please visit www.vergencenaturals.com
About Green Tree Therapeutics
Green Tree owns the marketing, technology and sales channels for various brands of vaporizers distributed in a wide variety of brick and mortar stores, across North America. It is actively engaged in the expansion of its product offerings for alternative cannabis products, including capsules, oils and extract specific vaporizers. Green Tree’s vaporizers provide therapeutic benefits in the delivery of beneficial cannabidiol and tetrahydrocannabinol extracts and a system for rapid absorption for the quick delivery of cannabinoids.
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 674-8232 or at firstname.lastname@example.org.
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", “intends”, "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding: the expected benefits of the Company’s acquisition of Green Tree; Green Tree’s products becoming available through Vergence; the Company’s plans to merge Green Tree’s and Abattis’s complementary businesses to expand their product lines and customer base; the Acquisition positioning the Company to take advantage of the expected legalization of recreational marijuana this summer; merging Green Tree’s sales, marketing and already-existing vaporizers business with Abattis’ technological advances in extracts and lab facilities to create a new line of cannabis consumption that will capture the upcoming recreational market; and merging Green Tree’s vaporizers products with Abattis’s existing products and growing pipeline to create a line that will match consumer habits and trends, setting Abattis apart from existing competition with its knowledge, facilities, and sales channels. 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, including: that the Company will not benefit from the acquisition of Green Tree as expected; that Green Tree’s products will not become available through Vergence; that the merger of Green Tree’s and Abattis’s complementary businesses will not expand their product lines and customer base; that the Acquisition will not position the Company to take advantage of the expected legalization of recreational marijuana this summer; that the Company will not successfully merge Green Tree’s sales, marketing and already-existing vaporizers business with Abattis’ technological advances in extracts and lab facilities to create a new line of cannabis consumption that will capture the upcoming recreational market; that the Company will not successfully merge Green Tree’s vaporizer products with Abattis’s products and growing pipeline and create a line that will match consumer habits and trends, setting itself apart from existing competition with its knowledge, facilities, and sales channels; that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company’s competitors may develop competing technologies; changes in regulatory requirements; and other factors beyond the Company’s control. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on www.sedar.com. The forward-looking statements are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, where because of new information, future events or results, or otherwise, except as required by applicable securities laws.