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Nabis Holdings set to expand product offerings in Arizona after securing state hemp license

The license gives Nabis the ability to manufacture its own CBD oil extracts for its BIS and BIS+ line of products

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The hemp license allows Nabis to nurse, grow, harvest, transport and process the crop

Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) told shareholders Monday that it had secured a full hemp license in Arizona. 

The US-focused cannabis firm’s subsidiary Nabis Hemp Holdings LLC received all five types of hemp licenses available, allowing the company to nurse, grow, harvest, transport and process the crop. 

The license gives Nabis the ability to manufacture its own CBD oil extracts for its BIS and BIS+ line of products, allowing for better cost control and increased profitability, according to Nabis COO Mark Krytiuk. 

READ: Nabis Holdings eyes increased revenues and profit margins now it controls Arizona dispensary

“We are thrilled to have secured all available hemp license classifications for Arizona in Q1 2020,” Krytiuk told investors in a statement.

“Adding hemp licenses to our vertically integrated cannabis portfolio in Arizona enables the company to expand our existing product offerings to better serve the needs of our established Arizona customer base of over 36,000 patients and adds another channel for the company to create long-term value to our loyal shareholders.”

Hemp production will take place at the company’s 44,000-square-foot Camp Verde facility near Phoenix that the Vancouver-based firm acquired in September 2019.

Nabis also owns cannabis assets in the US state of Michigan.

Shares in Toronto advanced 10% to C$0.055 each.

----Updates for share price---

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Nabis Holdings Inc.

Price: 0.05 CAD

CSE:NAB
Market: CSE
Market Cap: $5.5 m
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