Abattis Bioceuticals Corp., the Canadian life sciences and biotechnology company, has acquired Gabriola Green Farms in a move to develop more legal cannabis extracts for use in cosmetics and a variety of other products.
Gabriola cultivates marijuana for medical use on Gabriola Island, a gulf island in the Strait of Georgia off the coast of British Columbia.
Through the acquisition, Abbatis has obtained a license to produce marijuana and hopes to create extracted cannabis products for a wide range of uses.
Rob Abenante, Abattis President and CEO, said: "This is one of the most significant steps our company has taken towards becoming a full service cannabis company."
"Our acquisition of Gabriola will round out our product offerings and complement our existing offerings in the cannabis products, technologies and services space.”
Marijuana and hemp-based beauty has seen rapid growth in recent years, with product launches from brands including The Body Shop and the industry expected to be worth $31.4 billion by 2021, according to cannabis market research company Brightfield Corp.
Founded in 1997, Abattis develops and licenses a range of natural health products, medicines, extractions and ingredients for the biologics, nutraceutical, bioceutical and cosmetic markets.