RE:Emc , Vff and Att
The Company reached a definitive agreement with Global Damon Pharma (GD Pharma) of South Korea, to distribute and sell Abattis's product lines exclusively in South Korea. The agreement allows GD Pharma to begin sales of Abattis products in South Korea effective immediately. The Company signed a definitive agreement with Emerald Health Therapeutics Inc. (Emerald) involving the wholly owned Abattis laboratory subsidiary, Northern Vine Canada Inc. The agreement allows Emerald to use Northern Vine as its primary testing facility. Under the terms of the agreement, Emerald becomes the majority shareholder in Northern Vine. In acquiring this majority interest, Emerald adds to its integrated portfolio that includes its recent joint venture with Village Farms International to retrofit a 1.1-million-square foot, high-quality, low-cost production facility in Delta, B.C., to grow cannabis. Upon completion of full licensing and greenhouse conversion, the facility is expected to yield more than 75,000 kilograms of product annually. The Company completed experiments confirming column chromatography extraction technology. The experiments assessed the feasibility of applying the technology for the extraction of cannabidiol, tetrahydrocannabinol and THCA from industrial hemp and cannabis. Throughputs, yields, purity and terpene profiles were also part of the scope of work performed at the company's facility, Northern Vine Labs. Bench scale runs were carried out in conjunction with confirmatory larger scale runs of up to 75 kilograms of biomass per day. The technology is already being used in an industrial-scale capacity of up to 50,000 kilograms of biomass per day. The developer of the technology is now preparing to work with key partners to start isolating cannabinoids for the upcoming Canadian legalized market. Northern Vine Labs, a subsidiary of Emerald Health Therapeutics Inc., and Abattis Bioceuticals Corp. have received approval from Health Canada on an amendment to the companies' dealer's license. The license amendment gives the company the ability to transport, deliver and sell product to other licensed dealers, authorized persons under the Controlled Drug and Substance Act (CDSA) and licensed producers (LP). Along with the company's already authorized activities for analytical testing, extraction and import/export, this amendment also allows Northern Vine Labs to broaden its business opportunities through the production and sale of downstream cannabis products. On December 22, 2017, the Company entered into a non-binding letter of intent with GT Therapeutics Corp. (GTT), Winston Resources and the shareholders of GTT, providing for the general terms and conditions of a proposed transaction that will result in the Company acquiring all of the issued and outstanding common shares of GTT in exchange for the issuance of 5.5 million common shares of the Company to the shareholders of GTT and the issuance of 25 million common shares of the Company to Winston Resources. The acquisition was completed on January 25, 2018. As a result of the acquisition, Green Tree is now a wholly owned subsidiary of the Company and Green Tree's products will become available through the Companys wholly owned subsidiary Vergence Naturals Ltd.