VANCOUVER, BC / December 16, 2016 /OTCQB: ATTBFCNSX: ATT"Company" or "Abattis") provides an update to its shareholder.
CEO Rene David provides an update to shareholders after reviewing the latest report from the Canadian Cannabis Task Force on Legalization and Regulation.
"After having a chance to review the report, we are even more excited about how the Canadian Cannabis industry will look post-legalization. A few key items to note:
- Regulation surrounding the future production of Cannabis and its derivatives will draw on the best production practices of the existing cultivating Cannabis for Medical Purposes Regulations.
- Emphasis in the report is focused on the need for mandatory laboratory testing.
- The report recommends the medical and recreational markets operate within two separate frameworks.
- The report also recommends a single tax structure for both medical and recreational marijuana.
- As well, the need for an immediate public education campaign, with an emphasis on youth, parents, and vulnerable populations should be put in place.
- Finally, limits and restrictions on packaging and advertising, specifically on edible products that may appear to be similar to other products that appeal to youth need to be established and enforced.
We are pleased to hear that the Task Force has recommended the federal government draw on the existing production practices, as the current system is an excellent foundation for the business of legal cannabis. We feel that the recommendation for personal home-grow is good (four plants per adult) if it is properly monitored.
The emphasis on mandatory lab testing was excellent news for Abattis. Through our subsidiary, Northern Vine Canada Inc. ("Norther Vine"), we are one of 18 Health Canada Licensed laboratories in Canada authorized to test Cannabis and its derivatives. Not only is it anticipated that this will provide additional revenue generation for Abattis, it will also give us the ability to further research Cannabis and its derivatives. We plan to use Northern Vine as an incubator of sorts, to study and produce a variety of applications for Cannabis and its derivatives.
We see the proposal for two separate frameworks as an important aspect for patients. Those who use Cannabis for medical purposes should have easy, consistent access - something not necessarily wanted for the recreational market. The task force recommends the same tax structure for medical and recreational. We would like to see more careful consideration on this matter. Similar to the current pharmaceutical tax regime, where prescriptions are taxed at zero-rated (meaning they are taxed but with a rate of 0%), we feel that medical Cannabis should be zero-rated as well.
We fully support the need for an educational campaign surrounding Cannabis, and view it as one of the most important aspects of moving forward with legalization. Currently, there is a general lack of credible education surrounding the positive and negative attributes Cannabis. Through this education campaign, it is our hope that people will better understand the reasoning behind a minimum age, why possession limits are in place, and provide more information with respect to the need to keep Cannabis and its derivatives away from youth.
Lastly, along with public education, limits on marketing, packaging, and advertising are essential. The legal cannabis industry will most likely face the same restrictions as tobacco and liquor companies have in this regard. Specifically, restrictions on access to products seen as appealing to youth. It is imperative we focus on protecting youth in this country as the process towards legalization moves forward."
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 also 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 Canadian market.
ON BEHALF OF THE BOARD
"Rene David"
Rene David, CFO, CEO
For further information, contact the Company at (604) 336-0881 or at news@abattis.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 NEWS RELEASE.
SOURCE: Abattis Bioceuticals Corp.
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