TORONTO, ONTARIO--(Marketwired - July 28, 2015) - Abba Medix Group Inc. (CSE:ABA), released the following open letter to shareholders today:
Dear Shareholders,
I want to personally thank you for your investment in Abba Medix Group Inc. Since becoming a reporting issuer in March 2015, Abba has been very active in fulfilling its plan to be one of the clear market leaders in the fast-growing medical marijuana industry. It is Abba's vision to become a fully integrated medical cannabis producer, in all its forms, as an authorized reseller and direct to patients under the Marihuana for Medical Purposes Regulations (MMPR).
In the last quarter Abba Medix has taken several bold steps to demonstrate its commitment and dedication to building the company's brand into one of the category's leaders. Here are the highlights:
- With the pending acquisition of RedeCan Pharm and its fully secured, 15,000 square-foot Niagara, Ont. greenhouse, Abba will become one of 17 companies that are active Health Canada-licensed producers and distributors of medical marijuana. Having obtained its medical marijuana license in July 2014, RedeCan was awarded its sales license in March 2015. Abba Medix's Health Canada license for its Pickering, Ont. facility is currently awaiting approval.
- The decision to agree to acquire Blow Canada's assets including its U.S. subsidiary, Blow Vapor Inc. acquisition looks even more prescient in light of the Supreme Court of Canada's decision on alternative medical marijuana products and delivery systems. This ruling requires Health Canada to implement regulations to create the safe, regulatory environment allowing Canadians and their doctors to decide which medical marijuana delivery system is right for them. As mentioned in previous press releases, Abba and Blow Vapor entered into a memorandum of understanding, with the acquisition still pending.
Blow Vapor manufactures, markets, and distributes electronic cigarettes, e-liquids, and vaporizers. Abba has been working on the vaporizer technology with Blow Vapor. The liquid delivery system is ready to go with work being done on dosage metering capacity. Abba is committed to offering a premium and preferred method of marijuana delivery system in oil form. Abba will be ready to ship promptly after receiving Health Canada's approval on the RedeCan facility.
As mentioned previously, this opens the door to non-smoking alternatives for the delivery of medical marijuana's benefits for Canadians. Abba is delighted that Canadians registered to receive medical marijuana will be allowed to choose how to take their medicine including products such as cannabis-infused oils, capsules and vaporizers.
In other important developments, Abba Medix:
- On July 6, 2015, signed a referral agreement with GrowWise Health Limited in which RedeCan Pharm, a pending acquisition, will offer its medical cannabis to GrowWise Health patients. Abba strongly believes that physician education is the key to a widespread acceptance of this new Canadian industry. GrowWise provides educational and professional support services to MMPR-authorized medical cannabis patients as the MMPR prescription fulfillment process unfortunately excludes pharmacists, with patients not enjoying the same level of health care professional support as do other patients.
- Engaged Jacob Securities Inc. for proposed strategic and advisory services, with Jacob appointed as the exclusive agent in connection with strategic and operational development of the Abba platform, after market support and future capital raising efforts on a best efforts basis.
- Granted stock options under its stock option plan. An aggregate of 450,000 stock options were provided to Company directors, with each such stock option entitling the holders thereof to acquire one Abba Medix common share at an exercise price of $0.46 for a period of five years. The stock options vest after a period of twelve months as of June 5, 2015.
- Launched a new website and brand identity. Abba believes its new brand will resonate with both the marketplace and our shareholders. It clearly represents what Abba stands for today and our vision for the future. Abba will be featuring its vision for the future positioning of not only new legal marijuana delivery systems but also vapor delivery, the challenge of edibles and infusions, cross-border investing and trading, industry consolidation, patient intake initiatives, and research and development.
On behalf of the company and the Board of Directors, we thank our shareholders for all their support and confidence in us. We look forward to making further announcements and sharing them with you in the near future.
With best wishes,
Ahmad (Ray) Rasouli, President and CEO
About Abba Medix Group
Abba Medix Group Inc. (CSE:ABA) is a purveyor of fine Canadian medical marijuana, accessories, events and news. The Company intends to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully-integrated, Canadian medical marijuana marketplace. Abba's mission is to find and acquire strong marijuana related businesses, product companies, organizational event sponsorships, and research and development opportunities.
Upon completion of its acquisition of RedeCan, Abba will be a licensed medical marijuana grower and sales agent, authorized to supply Canadian patients.
For more information on Abba Medix Group Inc., please visit www.abbamedix.com. For more information on RedeCan, visit http://redecanpharm.ca and on Blow Vapor, visit www.blowvapor.com.
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company constitute "forward-looking statements, "within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and / or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are "forward-looking statements." Such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and / or sales of medical marijuana, quantities of future medical marijuana production, anticipated revenues in connection with such sales, the overall projected size of the market, completion and / or expansion of production facilities, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company's historical experience with regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, and other uninsured risks. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.