Abattis Signs LOI to be North American Distributor of Cromogen’s Cannabinoid Class Compound “Cannabidiol” or “CBD”
VANCOUVER, March 5, 2013 /PRNewswire/ – Abattis Bioceuticals Corp. (the
“Company” or “Abattis”) (OTC PINK: ATTBF) (CNSX: FLU), announces it has
signed a Letter Of Intent for a multimillion dollar supply agreement
with Cromogen Biotechnologies to purchase Cannabidiol or “CBD’s” for
the use of creating infused products to be sold in the US Natural
Health Product Market(s). Under the terms of the agreement the CBD’s
being supplied to Abattis are not listed as Scheduled 1 Drugs. Cannabinoids are a group of 21-carbon-containing terpenophenolic compounds produced uniquely by Cannabis sativa and Cannabis indica species. These plant-derived compounds may
be referred to as phytocannabinoids. Although
delta-9-tetrahydrocannabinol (THC) is the primary psychoactive
ingredient, other known compounds with biologic activity are
cannabinol, cannabidiol (CBD), cannabichromene, cannabigerol,
tetrahydrocannabivarin, and delta-8-THC. Cannabidiol, in particular, is
thought to have significant analgesic and anti-inflammatory activity without the psychoactive effect (high) of delta-9-THC. Source
National Cancer Institute at NIH.
Mr. Mike Withrow, Chief Executive Officer on behalf of the Company,
stated, “we are very excited to become the first company to work with a
specialty raw source CBD producer like Cromogen, focusing on the
emerging US “CBD” infused products market. We see this as a very high
growth opportunity that enables Abattis to market the highest level CBD
infused quality products with food safety certification.” Mr. Withrow
went on to say, “Cromogen’s unparalleled capacity to supply CBD’s will
expedite our entry into the US market, starting operations in Colorado
and distributing to all US states as the market permits. The
multimillion dollar supply agreement in the works, will position
Abattis to take the lead in providing the healing properties of CBD to
Michael Brubeck, Chief Executive Officer of Cromogen, stated, “We are
enthusiastic to begin utilizing the plant physiology breakthroughs that
our company is developing at this time. In leveraging Cromogen, Abattis
has a significant cost advantage in the CDB market. They are now
positioned to lead the spectrum of nutritional supplements in
Cannabidiol, Cannabigerol, Cannabidivarin, and Cannabichromene.
Cromogen’s ability to supply high volumes of CBD provides Abattis with
a green field of opportunities in this high growth market.
About Abattis Bioceuticals Corp.
Abattis Bioceuticals Corp. is a specialty biotechnology company with
capabilities through its wholly owned subsidiaries of producing,
licensing and marketing proprietary ingredients and products containing
standardized phytochemicals for sale in Pharmaceutical, Nutraceutical,
Cosmetic and Animal Nutrition markets. The company also has a deep
pipeline of proprietary products ready for sale in high growth areas of
Functional Foods and Supplements business. For more information, visit
the Company’s website at www.abattis.com
About Cromogen Biotechnologies.
Cromogen is a licensed pharmaceutical company and raw cannabidiol (CBD)
manufacturer, delivering market shifting products from centers across
Latin America into USA, Canada, and EU markets. As one of the first
companies on the cusp of a CBD market disruption, the business combines
leading plant physiology experts with the pharmaceutical industry’s
best product development scientists. Cromogen’s research team is
achieving a global first by conducting stage 3 clinical trials for
severe nausea caused by cytotoxic antineoplastic therapies.
“Quietly changing the hemp and cannabis industry through health and
For more information, visit the Company’s website at: http://www.cromogenbiotechnology.com
ON BEHALF OF THE BOARD
Michael Withrow, President & CEO
Neither the CNSX Exchange nor its regulations services accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Abattis Bioceuticals Corp.