Abattis Acquires Stake in Payment Technology Provider
May 2nd, 2014
News, Top Story
Abattis Bioceuticals Corp. (OTC: ATTBF) (CSE: ATT), a specialty biotechnology company focused on cultivating, licensing, and marketing proprietary ingredients, bio-similar compounds, patented equipment, and consulting services to the cannabis industry, recently announced that it acquired a 34% stake in payment technology provider Instant Payment Systems LLC (“IPS”).
Under the terms of the agreement, Abattis will receive a 60% economic interest in exchange for handling sales and marketing efforts, as well as consideration of 200,000 shares of stock priced at C$1.15 and C$100,000 cash. The acquisition ads a critical piece to the company’s overall GDERS (Grow, Dry, Extract, Refine, Sales) business model aimed at providing value add services to the cannabis industry.
“This transaction enables the company to provide a valuable service and solves a problem to an unmet need for dispensaries of medical marijuana and other botanical medicines,” said Mike Withrow, CEO of Abattis Bioceuticals Corp. “The IPS cards and phone apps can be branded and loyalty programs can be used so the patients save money and can maintain a budget.”
Dispensaries are tasked with keeping accurate patient records and ensuring that they maintain a comprehensive audit trail. By enabling dispensary customers to preload a payment on a phone app or loyalty card, IPS technology helps dispensaries track payments automatically in order to ensure compliance with constantly evolving local, state, and federal guidelines.
The IPS technology can also be used to retain purchase information and quantities in order to provide customers with a higher level of service and ensure they’re getting the right product.
“We see a large opportunity to provide a secure and comprehensive process that meets the needed controls, reporting, and privacy needs of the dispensaries and their patients,” said Rene Babi, Principle of IPS. “We expect our system to set the standard for payment and patient tracking in this industry [and] we feel our strategic partnership with Abattis presents tremendous opportunities.”
Shares of Abattis Bioceuticals Corp. were trading even as of early trading on Friday, May 2, 2014, but are trading up more than 800% over the past three months.
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