After diving for most of the year, Abattis Bioceuticals Corp (OTCMKTS:ATTBF) shares took off on Tuesday, finding huge volume and sprinting back above recent range levels to retake the dime level. Fueling the move, the company just provided an update as it moves to a phase of building on recent investments and “anticipates significant revenue growth in the fourth quarter of 2018.”
As noted in the release out today, “As a result of its recently completed over-subscribed private placements and the forthcoming sale of its remaining stake in Northern Vine Canada Inc. (“Northern Vine”) to Emerald Health Therapeutics Inc., the Company will be well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada, which is expected to occur on October 17th of this year.”
Abattis Bioceuticals Corp (OTCMKTS:ATTBF) casts itself as a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal marijuana markets in North America.
In essence, ATTBF develops, licenses, and markets health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets in Canada. It is also involved in the possession of cannabis and related active ingredients, as well as the production of extracts; and bioceutical marketing services in the area of health products.
ATTBF was formerly known as Abattis Biologix Corporation and changed its name to Abattis Bioceuticals Corp. in September 2012. Abattis Bioceuticals Corp. was incorporated 1997 and is headquartered in Langley, Canada.
According to company materials, “Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada and foreign jurisdictions.”
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We’ve witnessed 25% added to share values of the name over the past week of action, a rally that has pushed up against longer standing distributive pressure in the stock. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing a bit over 100% above its longer-run average levels.
The Company has also recently deployed capital, through its investment in XLABS Therapeutics Inc, which is developing a 10,000 square foot laboratory in Belleville, Ontario. Through XLABS, the Company hopes to leverage the experience it obtained through the build out of Northern Vine on a much larger scale. In accordance with the terms of the investment, Abattis President and CEO, Rob Abenante has joined the board of directors of XLABS.
The Company’s other recent investments have focused on building its foundation as a fully-integrated downstream service cannabis company. These include Gabriola Green Farms, which the Company anticipates will be granted a license to produce under the Access to Cannabis for Medical Purposes Regulations later this year. With an LP, and together with the Company’s investments in Vergence Naturals Ltd. and Green Tree Therapeutics Inc., the Company will be able to supply a wide range of products and services to the market.
Earning a current market cap value of $30M, ATTBF has a significant war chest ($6.7M) of cash on the books, which is balanced by about $814K in total current liabilities. One should also note that debt has been growing over recent quarters. ATTBF is pulling in nominal trailing 12-month revenues of $6K. However, the company is seeing flat action on the top-line on a sequential quarterly basis as of its latest reporting period. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $ATTBF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ATTBF, either long or short, and we have not been compensated for this article.