Vancouver, Canada-based Abattis Bioceuticals Corp. is partnering with Global Damon Pharma to distribute and sell Abattis’ hemp-based product lines exclusively in South Korea. Abattis received approval to export hemp-derived products from Health Canada last year.
Rob Abenante, president and CEO of Abattis, indicated that South Korea imported about “20 to 30 tons” of hemp seed weekly from Canada last year.
“With GD Pharma’s established distribution channels in the region, we believe the potential for our products in South Korea is very bright,” he said in a press release. “… We see major potential with this market.”
The companies plan to develop new formulations with a focus on CBD-infused products. The products will be developed through Abattis subsidiary Northern Vine Canada Inc., and will be sold in Europe and South Korea by GD Pharma and throughout North America by Vergence Naturals Ltd, another Abattis subsidiary.
Don Ki Kim, GD Pharma CEO, explained the firm will “source the marketing, sales, and distribution channels” that will be beneficial for both firms.
“We are excited to demonstrate our expertise in sales and marketing, as well as timely and compliant delivery of revenues overseas to our partners,” Kim said in a statement. “We are currently searching for the most suitable partner in the pharmaceutical sector in order to seek more medical benefits from CBD, so that we can work with Abattis in their lab to formulate products together.”
The agreement allows GD Pharma to begin sales of Abattis products immediately.