Abattis Completes Investment in CannaNUMUS Blockchain

Abattis Bioceuticals (CSE:ATT; OTC:ATTBF) announced it completed the 49 percent stake acquisition in CannaNUMUS Blockchain.

As quoted in the press release:

Abattis believes that its investment in CannaNUMUS will appreciate significantly in value as CannaNUMUS gets closer to an ICO and signs agreements with Licensed Producers (“LPs”) and late stage LP applicants.

Active Health, located in Duncan, BC, is the second cannabis cultivation project for its founder and CEO, Jim Money. Mr. Money, recently developed and sold Broken Coast Cannabis Inc. (“Broken Coast”), also located on Vancouver Island, for $230 million to Aphria Inc. Broken Coast is now successfully operating as a licensed producer.

Pursuant to Active Health’s agreement with CannaNUMUS, CannaNUMUS will invest into Active Health and, in exchange, Active Health will participate as one of CannaNUMUS’s blockchain portfolio companies. More specifically, Active Health will use a fixed percentage of its quarterly revenues to buy CannaNUMUS tokens on the open market and subsequently burn them. The effect of the “buy and burn” will be similar to that when a company repurchases its own stock, and will function as method of providing liquidity to the market for CannaNUMUS tokens. Token burning will also act as a low-friction method of returning value to token holders.

Click here to read the full press release.

Source: marijuanaindex.com