Abattis Bioceuticals Corp. plans to repurchase 20,986,909 common shares, representing 5% of its current issued and outstanding stock.
President and CEO Rob Abenante said that management "believes that, compared to its market peers, the company's shares are undervalued."
The normal course issuer bid for the purchase of the common shares will begin Aug. 15, 2018, and terminate Aug. 15, 2019. Any common shares purchased under the bid will be canceled by the company.
The Vancouver, British Columbia-based cannabis company said all common shares will be bought on the open market via the facilities of the Canadian Securities Exchange.