Abattis Bioceuticals Corp (OTCMKTS:ATTBF) provided a comprehensive operational and corporate update regarding its recent developments.
Abattis reports strong quarter despite not trading on CSE
With the company still undergoing a review process by the British Columbia Securities Exchange Commission, its listing on the Canadian Stock exchange will remain halted. Since August 8, 2019, Abattis has worked with the BCSC by providing responses to its requests. Having met continuous disclosure requirement the company is currently is in a better position and expects the commission to finalize the review to recommence trading.
Regardless of the halt in trading of its stock, Abattis has taken measures to enhance its position like closure of non-profitable divisions and focusing on acquisitions with potential. The company is about to wind up a cannabis developing, testing and therapeutic distribution firm in North America. It recently closed a $25 million equity line deal with Dutchess Opportunity Fund. Abattis will file a registration statement for its shares with the US SEC issued to Dutchess under the deal.
New product sales through Pro Natura boosting revenue
The company has been growing its revenue which is attributable to the success of Pro Natura B.V, which is a European based nutraceutical company. The Pro Natura acquisition last year helped it boost sales for the fiscal year ended September 30, 2019. Abattis is focused on enhancing stockholder value as well as organic growth of the business through the implementation of strategies optimizing operations and increasing revenues.
Most importantly, the growth in sales has been due to the launch of new products that included a collection of CBD oils and new women’s product lines that include vegan proteins and collagen. The European affiliate witnessed positive responses for the launched product lines, and is planning to introduce new products to boost profit margins going forward.
One of the company’s products that have generated more sales through the Pro Natura affiliate is Comfort. Launched in 2018, Comfort, is neutraceutical that activates endocannabinoid system and nourishes endorphin release during pain. With the success Comfort has enjoyed in Europe the company plans to launch Comfort Extra Strength.
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