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Abattis completes purchase of 90% stake in medical cannabis producer

Abattis Bioceuticals Corp. completed a deal to acquire a 90% stake in British Columbia-based medical cannabis producer Gabriola Green Farms Inc.

Under the deal, the Vancouver, British Columbia-headquartered life sciences and biotechnology company issued a total of 61,307,902 common shares and made a cash payment of C$2.5 million to Gabriola's shareholders, except cryptocurrency developer CannaNUMUS Blockchain Inc. Abattis owns a 49% stake in CannaNUMUS.

Abattis also has a right of first refusal on the remaining 10% stake in Gabriola from CannaNUMUS and an option to buy the lands where Gabriola conducts operations for C$7 million until Feb. 27, 2023, from a third party.