Abattis Aims to Become Leader in Cannabis Testing with Acquisition
April 8th, 2014
News, Top Story
Abattis Bioceuticals Corp. (OTC: ATTBF) (CSE: ATT), a specialty biotechnology company focused on cultivating, licensing and marketing cannabis and related products and services, recently announced the acquisition of a controlling 51% stake in Washington-based Phytalytics LLC. The move could enable the company to capitalize on the growing market for cannabis compliance testing.
Under Washington State’s Initiative 502 Section 11, every licensed marijuana producer and processor must submit representative samples of marijuana, useable marijuana, or marijuana-infused products produced or processed by the licensee to an independent, third-party testing laboratory meeting the accreditation requirements established by the WSLCB for inspection and testing.
Dr. Michelle Sexton, Founder and CEO of Phytalabs, was instrumental in developing the checklist and protocols for the certification process for an analytics lab for the WSLCB that approves state licensing of adult and medicinal marijuana. Dr. Sexton was also the editor and technical advisor of American Herbal Pharmacopoeia and a board member of the Americans for Safe Access Foundation.
Other members of the Phytalabs team also have extensive industry experience that should prove invaluable. Dr. Kaleb Lund, Science Director of Phytalabs, has 10 years of analytical testing experience in the herbal supplements industry, while Ms. Lauren Hilty, CPA, Treasurer and Accountant, has been a consultant with the Federal Depository Insurance Corporation (“FDIC”) to establish marijuana banking rules.
Currently, Phytalytic is in the process of making an application to the WSLCB for an analytics laboratory testing license in order to provide government mandated testing of cannabis and all other cannabis related derivatives. While the company hasn’t provided guidance in terms of a timeline, the team’s background suggests that the approval process could happen soon rather than later.
Shares of Abattis are trading up 1.8% mid-way through Tuesday’s session and up more than 86% over the past month.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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