Abattis (OTCQB: ATTBF) (CSE: ATT): Legislation To Legalize #Marijuana In Canada Is Being Announced Next Month
Vancouver, British Columbia - March 27, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Abattis Bioceuticals Corp. (OTCQB: ATTBF) (CSE: ATT) (the "Company" or "Abattis"), and its subsidiary, Northern Vine Labs is anticipating the Liberal government's upcoming announcement, next month (the week of April 10th), on legislation that will legalize recreational marijuana use across Canada by July 1, 2018.
As reported by the CBC, Trudeau's government will follow the recommendations of a federally appointed task force, led by former liberal Justice Minister Anne McLellan, and in doing so, will look to deliver on their controversial campaign promise of introducing legislation by the Spring of 2017.
The report outlines the federal government will be in charge of making sure the country's marijuana supply is safe and secure, with Ottawa responsible for handing out licenses to producers. A key factor in this discussion is that provinces will have the right to decide how the marijuana is distributed, sold and at what price. While Ottawa has set a minimum age limit of 18 to buy marijuana, the provinces will have the option of setting a higher age limit, if they wish.
This report further confirms the unique position and macro-timing in which Abattis and its subsidiary, Northern Vine Labs, a Health Canada Dealers Licensed cannabis testing laboratory, will have the privilege to operate in. Last week, High Times magazine published this report, stating that Lab Testing will represent the Next Billion Dollar Market opportunity within the Marijuana industry. Following a string of pesticide and contamination scandals and leading to numerous pending class action lawsuits, industry analysts believe there will be increased demand for accurate and reliable cannabis testing to ensure product cleanliness and safety.
To combat this problem, Health Canada recently announced random testing on the 39 licensed producers in Canada. In addition, the board of the Cannabis Canada Association voted unanimously on March 9th, 2017, to implement mandatory product testing among all its members. The association, which represents Aurora and 14 other Health Canada-licensed producers of medical marijuana, recommended that testing should screen for contaminants including bacteria, heavy metals and unapproved pesticides. It also called for those test results to be made public, for consumers to see.
Northern Vine Labs is set to open its doors for product testing next month (April 2017) and looks forward to contributing to the safety of Canada's budding, and soon to be legal, marijuana industry. Management will continue to provide updates in the weeks leading up to this event.
About Abattis Bioceuticals Corp.
Abattis is a specialty agricultural technology and biotechnology company which aggregates, integrates, and invests in agricultural 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 more information, visit the Company's website at: www.abattis.com.
About Northern Vine Canada Inc.
Northern Vine Labs™ is licensed by Health Canada for the possession of Cannabis and related active ingredients, as well as the production of extracts for the purpose of analysis. Northern Vine Labs™ product certification and quality assurances programs incorporate global best practices and procedures for application in the legal Canadian Cannabis market.
ON BEHALF OF THE BOARD
Rene David, CFO, Director
Rene David, CFO, Director
For further information, contact the Company at (604) 336-0881 or at email@example.com.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's Management's Discussion and Analysis under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Like Marijuana / Hemp Stocks? View our Marijuana / Hemp Stocks Directory
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