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Abattis Bioceuticals to acquire 49% stake in cryptocurrency developer

Vancouver, British Columbia based Abattis Bioceuticals Corp. agreed to acquire a 49% stake in privately held CannaNUMUS Blockchain Inc.

CannaNUMUS is developing a cryptocurrency under which tokens will represent the performance of a suite of portfolio cannabis companies.

Under the investment agreement, the biotechnology company focused on cannabis technologies will pay CannaNUMUS C$5 million in cash and milestone payments of up to C$7 million based on certain conditions.

Abattis said the milestone payments will come into effect if CannaNUMUS enters into agreements with two separate companies in the cannabis sector, which will use the cryptocurrency as a medium of exchange, and an initial coin offering of the cryptocurrency.

Abattis' CEO Rob Abenante said the company could see "significant upside" from any CannaNUMUS liquidity event, including a reverse take-over of the cryptocurrency developer or an initial coin offering.

The company said the closing of the acquisition is subject to completion of due diligence and any other regulatory approvals.