PALM BEACH, Florida, February 27, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Marketresearch and consulting firm Ameri Research projects that the global marijuana market will grow to $63.5 billion by 2024. Activity in the cannabis industry has been steadily increasing for several years, but 2018 is on pace
Abattis Bioceuticals Corp.(CSE: ATT.CN) (OTCQB: ATTBF) BREAKING NEWS : Abattis Bioceuticals is pleased to announce that it has entered into a definitive agreement (the "Definitive Agreement") to acquire (the "Acquisition") a 90% ownership interest in Gabriola Green Farms Inc. ("Gabriola"). Gabriola is a privately held British Columbia company that has applied for a license to produce (an "LP") under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") on Gabriola Island, one of the gulf islands located in the Strait of Georgia off the coast of British Columbia. Gabriola Island has a consistent temperature and humidity level, which makes it well suited to greenhouse growing. "This is one of the most significant steps our Company has taken towards becoming a full service cannabis company," stated Rob Abenante, Abattis President and CEO. "After successfully obtaining a license through Gabriola, we intend to not only cultivate marijuana, but more importantly sell extracted cannabis products, which will complete our full downstream service offerings". Read this and more news for Abattis Bioceuticals at http://www.marketnewsupdates.com/news/att.html The Definitive Agreement comes following a series of rapid acquisitions, capital raises, investments and joint-ventures for the Company, which include the acquisition of a cash flowing vaporizer company, investment into a cutting-edge Blockchain technology and cryptocurrency and several collaborations with respected organizations, including the University of British Columbia. Pursuant to the Definitive Agreement, in exchange for a 90% ownership interest in Gabriola, Abattis will issue an aggregate of 59,760,956 common shares of the Company (each, a "Share"), at a deemed price of $0.3765 per Share, and pay an aggregate of $2.5 million in cash to the shareholders of Gabriola, with the exception of CannaNUMUS Blockchain Inc. ("CannaNUMUS"), a company in which Abattis owns a 49% stake, which will retain its 10% ownership stake in Gabriola. In addition, Abattis will make milestone-based payments (the "Milestone Payments") to such shareholders of Gabriola of (i) $5 million upon Gabriola's receipt of a cultivation license under the ACMPR and (ii) $5 million upon Gabriola's receipt of a sales license under the ACMPR. The Milestone Payments will be satisfied through the issuance of Shares. Closing of the Acquisition is subject to, among other things, completion of due diligence by Abattis and the receipt of any required consents, including that of the Canadian Securities Exchange.
In other developments in the markets of note:
Aurora Cannabis Inc. (OTCQX: ACBFF) (TSX: ACB.TO) recently signed a letter of intent (LOI) with the Societe des Alcools du Quebec (SAQ) to supply a minimum of 5,000 kilograms of cannabis per annum for the Quebec adult consumer market, once legalized. Under the terms of the LOI, Aurora will supply the Quebec market, on a monthly basis, with a wide variety of premium product from its facilities in Quebec, and elsewhere if demand requires. Supply quantities will be determined based on demand on a month-by-month basis, with a minimum of 5,000 for the first year, but no set maximum.
Canopy Growth Corporation (OTC: TWMJF) (TSX: WEED.TO) and Sunniva Inc. recently announced they have signed a definitive supply agreement whereby Sunniva, through its wholly owned subsidiary in Canada, Sunniva Medical Inc., has committed to sell Canopy 45,000 kilograms of premium quality cannabis annually over an initial two-year period commencing in the calendar first quarter of 2019. Under the terms of the agreement, Canopy Growth will purchase up to 45,000 kilograms of dried cannabis annually. Canopy Growth and Sunniva will share in the revenues as product is sold through Canopy Growth's distribution network including its on-line marketplace, Tweed Main Street and via provincial distribution channels. The revenue share will be based on the strain, sales channel and other relevant factors.
Cronos Group Inc. (OTC: PRMCF) (TSX-V: MJN.V) this month launched Cronos Australia Pty. Ltd. and has been granted medicinal cannabis cultivation and research licences. "The launch of Cronos Australia as our newest international hub marks an important milestone for the company. Cronos is focused on providing pharmaceutical-grade medicine to patients in need, and we are excited that our Australian team shares this vision and commitment," said Mike Gorenstein, chief executive officer of Cronos Group. Cronos Australia is a fifty-fifty joint venture between the group and NewSouthern Capital Pty. Ltd., led by Rodney Cocks and Peter Righetti. Cronos Australia will serve as the group's hub for Australia, New Zealand, and Southeast Asia, bolstering the group's import/export supply capabilities and distribution network. Cronos Australia will leverage the group's intellectual property and iconic brands to deliver premium cannabinoid-based products to Australasia.
22nd Century Group Inc. (NYSE: XXII) recently announced it will present at the 2018 Society for Research on Nicotine and Tobacco(SRNT) Annual Meeting results from a survey conducted by Harris Poll on behalf of 22nd Century Group. In May 2017, 22nd Century commissioned Harris Poll to administer the international survey of more than 6,000 adults ages 18 and older in the United States, Australia, Canada, Japan, and the United Kingdom. Conducted two months before the U.S. Food and Drug Administration (FDA) announced the Agency's plan to mandate that all cigarettes sold in the United States contain only minimally or non-addictive levels of nicotine, the survey found that nearly 3 of every 4 adults in the United States, Japan, Australia, Canada, and the United Kingdom agree that the government should mandate that all cigarettes have very low, non-addictive levels of nicotine. 22nd Century is a plant biotechnology company focused on genetic engineering and plant breeding which allows the increase or decrease of the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants. The Company's primary mission in tobacco is to reduce the harm caused by smoking. The Company's primary mission in hemp/cannabis is to develop proprietary hemp/cannabis strains for important new medicines and agricultural crops.
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