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Abattis completes sale of 35% interest in laboratory services provider

Canada's Abattis Bioceuticals Corp. completed the sale of its 35% interest in Northern Vine Canada Inc. to Emerald Health Therapeutics Inc.

Northern Vine, majority owned by cannabis provider Emerald Health, provides quality control laboratory services on raw materials and finished products.

Abattis sold its stake in exchange for C$2 million in cash and C$4 million in Emerald Health common shares.

Emerald Health also agreed to issue an additional C$4 million of its common stock, upon earning C$10 million in gross revenues from customers introduced by Abattis. Additionally, Abattis, which develops health products and medicines, can use Northern Vine's laboratory as a "preferred customer."

"We have monetized our minority interest in Northern Vine and strengthened our financial position while continuing to ramp up our focus on bringing revenue generating products and services to the market," Abattis President and CEO Rob Abenante said in a news release.