Abattis Bioceuticals (ATT-Cse) Enters Into Definitive Agreement to Acquire 49% Stake In CannaNUMUS Blockchain
Feb 1st 2018 - NR
Abattis Bioceuticals is pleased to announce that it has entered into an investment agreement (the “Agreement”) to acquire (the “Acquisition”) a 49% stake in CannaNUMUS Blockchain Inc. (“CannaNUMUS”). CannaNUMUS is developing a cryptocurrency (the “Coin”) under which tokens will represent the performance of a suite of portfolio cannabis companies.
“With a 49% equity stake in this blockchain platform, Abattis could see a significant upside from any CannaNUMUS liquidity event, including a reverse take-over of CannaNUMUS or an ICO,” stated Rob Abenante, CEO of Abattis. “With both companies being actively engaged in M&A in the cannabis space, we anticipate that the partnership will be synergistic, creating opportunities for collaboration, growth and a mutual deepening of expertise,” added Mr. Abenante.
The CannaNUMUS ecosystem is being developed to link cannabis investors directly with market leading companies, while simultaneously enabling frictionless peer-to-peer transactions. CannaNUMUS’s technology will marry the accountability and security benefits of blockchain with the real-world backing of enforceable legal contracts. The Coin will present investors with direct exposure to a high performing curation of companies, including licensed producers, labs, and downstream service operators. CannaNUMUS is building towards an initial coin offering (the “ICO”).
“We looked at many companies to partner with and Abattis came out on top,” stated Simran Gill, Founder and Executive of CannaNUMUS. “Through their growing portfolio of downstream products and services, Abattis can offer synergistic value to the Coin, which we believe will help boost its value after the ICO,” added Mr. Gill.
Abattis operates a diverse range of businesses across the cannabis space. The Acquisition enables Abattis to leverage its existing businesses and get ground-floor, pre-ICO access to one of the most disruptive technologies to appear in decades. Blockchain and cryptocurrencies have experienced explosive growth worldwide.
Pursuant to the Agreement, in exchange for a 49% equity stake in CannaNUMUS, Abattis will make an initial cash payment of $5 million as well as milestone-based payments to CannaNUMUS of up to $7 million, in the aggregate, upon (i) a definitive agreement being entered into with a company engaged in the cannabis economy for the use of the Coin as a medium of exchange, (ii) the successful ICO of the Coin and (iii) a second definitive agreement being entered into with a company engaged in the cannabis economy for the use of the Coin as a medium of exchange. 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.
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
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
“Rob Abenante"
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 674-8232 or at news@abattis.com. |
