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Abattis Acquires 16200 Square Foot Growing Facility
Abattis Bioceuticals Corp. (ATTBF 0.4946 1.98%) (CSE: ATT), a vertically integrated biotechnology company focused on cultivating botanicals, licensing and marketing biosimilar compounds, and providing unique extraction technologies and consulting services to North American medicinal markets, recently announced that it has leased a 16,200 sq.ft. facility in Vancouver, BC zoned for medical marijuana.
“We are committed to achieving Licensed Producer status under Health Canada’s MMPR,” said President and CEO Mike 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.”
The company plans on using the facility to manufacture and warehouse its proprietary Biocube growing environments. Upon MMPR 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 could be used to expand production to about 254,000 square feet.
In addition to the new facility, the company’s cultivation partners at Experion have an additional 4,000 square foot growing facility with 10 acres that could be used to support future growth. The subsidiary is in the late stages of MMPR licensing with Health Canada and awaiting inspection and a letter to build. Biocubes will be used in both environments to produce pharma-grade product with less risk.
Shares of Abattis Bioceuticals Corp. fell around 20% prior to the announcement in late-day trading on Monday afternoon, but are trading up nearly 2,000% since the beginning of the year.