At least one Canadian marijuana company previously banned from trading securities due to an alleged market abuse scheme has now seen its trading abilities restored.
In late November of 2018, the British Columbia Securities Commission (BCSC) announced that a collection of individuals known as the “BridgeMark Group” and the companies who used their services would be temporarily restrained from buying securities.
That ban resulted from a complaint that the group used a consultant loophole to buy millions of dollars in shares from 11 cannabis, cryptocurrency, and energy companies without filing a prospectus.
According to the complaint, the BridgeMark Group provided no actual consulting, and was then allegedly paid back the cost of the investments, artificially inflating the worth of the companies involved in the scheme.
As the BCSC continued the investigation, a hearing was held to decide if the temporary ban on trading would be extended for the companies involved.
As of today, British Columbia-based marijuana cultivation company Abattis Bioceuticals Corp. has now seen that restraining order lifted.
Abattis Chief Executive Officer Rob Abenante stated the decision would be a major boon for the company, remarking it would allow them to get back to building value for existing and future shareholders.
Abenante further commented:
Abattis currently operates 26,000 sq. ft. of cultivation space on Gabriola Island to produce medical-grade marijuana. The company also recently acquired fertilizer company NutriVida for $250,000, with up to $10 million in bonuses to be paid if aggressive revenue performance milestones are met in the coming years.
Like several other companies in the burgeoning legalized cannabis industry, Abattis has taken advantage of loosened research restrictions and has partnered with the University of British Columbia for new research into hemp oil and CBD-infused products.
Aside from marijuana growth and expansion into the fertilizer industry, Abattis sells a branded line of vaporizer products both online and in brick-and-mortar stores through Shefield & Sons.