This morning, Abattis Bioceuticals (CSE:ATT)(OTC:ATTBF)(FRA:115) released an update on recent developments at it's subsidiary, Northern Vine Canada. As a quick reminder, on Friday, Experion Biotechnologies (18.75% owned by Northern Vine) received its ACMPR cultivation license from Health Canada. Today's update doesn't concern Experion, but it’s still packed full with recent and upcoming developments at Northern Vine. That being said, here are five highlights from Northern Vine's recent update.
Related: Experion Biotechnologies Approved as Licensed Producer Under ACMPR
At its laboratory in Langley, British Columbia, Northern Vine continues to accept and test cannabis flower, oil and edible samples. The company's team of scientists has been working to improve their testing methodology in the hopes of providing a full cannabinoid profile in a highly efficient turnaround time.
Along with improving its testing methodology, Northern Vine has added two scientists; Dr. Anika Singh and Akshita Puri to its team. Dr. Singh has a PhD in Food Science and Agricultural Chemistry from McGill University and has authored multiple published papers on topics in the areas of nutrition and food science. Ms. Puri has seven years of microbiology research experience and holds a Master's degree in Biochemistry from McMaster University.
The company is working on formulating a proprietary cannabinoid-infused product that uses advanced delivery methods and unique ingredients for optimized bioavailability and efficacy. They anticipate completing the product as early as Fall 2017, and plan on targeting Canadian, Australian, European and Californian markets for sale.
Northern Vine has submitted an application to Heath Canada in the hopes of increasing its security clearance from a 'Level 3' to a 'Level 6'. A 'Level 6' security clearance would increase the amount of controlled substances that Northern Vine can hold up to a maximum of 25 kilograms. The company expects this approval to enable them to exponentially increase the volume of services they can provide.
In April of this year, Abattis signed an exclusive distribution agreement with extraction technology developer and manufacturer, Suzhou Raybot Material Tech. Under the agreement, Abattis can use Raybot's proprietary extraction technology and is the exclusive seller of the extraction equipment and related services. Northern Vine has welcomed an extraction team from Raybot, and delivery of the cannabis-optimized extraction machines is expected to take place in the fall.
Related: Abattis Bioceuticals Signs Cannabis Extraction Technology Distribution Agreement
Northern Vine and Abattis' President and CEO, Robert Abenante
“We are very pleased with the progress of Northern Vine and are working hard to become a premiere cannabis laboratory and extraction processing center. Northern Vine is now poised for further growth and expansion. Given the progress of Northern Vine’s development, we anticipate that we will be ready for larger volume licensed producer (LP) clients by next quarter.”
In midday trading on the day of this release, shares of Abattis Bioecuticals are rising more than 3% on the CSE. The company's OTC Markets listing is gaining more than 9%. Year-to-date, Abattis is down roughly 6%.
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