Mr. Rene David reports

ABATTIS ANNOUNCED PRIVATE PLACEMENT AGREEMENT OF UP TO $5,000,000

Abattis Bioceuticals Corp. has entered into a non-binding agreement for a drawdown equity facility of up to $5-million. The agreement provides for equity private placement offerings, to be conducted between Abattis and Alumina Partners (Ontario) Ltd., a subsidiary of Alumina Partners LLC, a New York-based private equity firm, in drawdown amounts at the sole discretion of the company, of up to $200,000.

Pursuant to the terms of the offerings, Alumina Partners will commit to purchasing up to $5-million worth of units of the company, consisting of one common share and one common share purchase warrant, at discounts of 23 per cent of the market price of the shares, with each offering occurring at the option of the company, throughout the 18-month term of the agreement. The exercise price of the warrants will be at a 25-per-cent premium over the market price of the shares.

The company completed the first tranche of the offering today by issuing 649,350 units at an issuance price of 11.55 cents per unit, as well as the issuance of 166,667 common shares, representing a portion of the commitment fee in respect of the equity facility.

The purpose of the offerings is to provide the company with financial flexibility and unilateral control over the financing of its working capital requirements, and provide access to capital as deemed necessary by the board of directors of the company.

"We are very pleased to be entering into this agreement with Alumina Partners. The purpose of the offerings is to provide the company with a strong funding partner, and to allow Abattis to focus on growth and potential acquisitions," commented Rene David, interim chief executive officer and chief financial officer.

In addition, Abattis is undertaking a private placement of up to $500,000 by way of issuing 4,329,004 units (with each unit consisting of one common share and one common share purchase warrant), of which Alumina Partners may form part of in addition to other investors.

The company also issued 300,000 common shares to a consultant of the company for services rendered.

Lastly, the company also issued shares for debt to EROP Capital LLC in order to settle some of the company's payables. The parties agreed that the company shall issue to EROP common shares of the company until EROP's total gross sales of such common stock equal $115,881.89, as well as 60,600 common shares to cover certain fees and expenses incurred by EROP during the settlement process; when issued hereto, the settlement shares shall be freely tradable without legend or restriction pursuant to Section 3(a)(10) of the Securities Act of 1933, and shall be validly issued, fully paid and non-assessable shares.

About Abattis

Abattis is a specialty agricultural technology and biotechnology company which aggregates, integrates and invests in agricultural 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 also is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds.