Canntab and Medipharm Labs enter into wholesale pills purchase agreement
TORONTO, June 2, 2020 / PRNewswire / – Canntab Therapeutics Limited (CSE: PILL.CN) (OTCQB: CTABF) (FRA: TBF1.F) (the “Company” or “Canntab“), the innovation leader in blends of cannabinoids and terpenes in hard pill form for therapeutic applications, is pleased to announce that it begins production of its instant release tablets today and has already entered into its first purchase agreement with MediPharm Labs (“MediPharm”) (TSX: LABS) (OTCQX: MEDIF) (Deutsche Borse: MLZ), a world leader in pharmaceutical grade cannabinoid products.
Canntab received its first order under the deal today, and the value of the full deal will exceed $ 1 million. Orders under the deal will consist of a blend of Canntab’s proprietary instant-release tablets containing THC, CBD, and a combination of THC / CBD in 12 different strengths. MediPharm will purchase and distribute cannabis products on a non-exclusive basis through Canada, through approved provincial dispensaries.
The exact value of shipments under the agreement will be determined no later than June 30, 2020 and will depend on the final concentrations of Canntab instant release tablets selected by MediPharm.
Canntab has already filed its 60-day notice for approval to sell this product line with Health Canada and expects its tablets to be available for sale in early summer. Canntab is currently the only company in Canada capable of delivering THC, CBD and / or any THC / CBD combination in pharmaceutical grade tablets or hard pills.
Jeff Renwick, CEO of Canntab said “We are very happy and delighted to have taken this important step in our short history as a company. We are particularly happy to have taken this important step in the face of the Covid-19 pandemic which has caused major uncertainty. and disruption of global markets, including, Canada. Canntab has continued to work diligently to create shareholder value during this crisis as we are named as a core business. Signing our first PO with a quality partner with global reach such as MediPharm is just the tip of the iceberg for Canntab. “.
“We are delighted to be working with Canntab which is leading the way in the manufacture of innovative cannabis tablets,” said Pat McCutcheon, CEO, MediPharm. “With MediPharm’s strong supply chain and established distribution channels, we are excited to launch new, high-quality tablet products in the coming months for medical and adult consumers across the board. Canada. ”
Canntab has filed for 13 patents in Canada and the United States that cover a range of processes and formulations it uses to create its precision oral hard tablets, the future of medical cannabis. These patents include Canntab’s proprietary nano-emulsification technology, granulation process, manufacturing methods and cover its full line of precision oral hard tablets including; Instant (immediate) release tablets, prolonged release tablets, oral soluble tablets and bilayer (modified release) tablets. Canntab has also filed a patent for a proprietary formulation of THC and CBD for the treatment of opioid addiction therapy.
About Canntab Therapeutics
Canntab Therapeutics is a Canadian biopharmaceutical company focused on the manufacture and distribution of a line of cannabinoid formulations in hard pills in multiple doses and in sustained release combinations. Canntab’s proprietary hard pill cannabinoid formulations provide physicians, patients and consumers with medical grade solutions that incorporate all of the features one would expect from any prescription or over the counter drug sold in Canadian pharmacies. These will include the following formulations: once daily and extended release, providing both precise dosage and improved storage stability. The future of medical cannabinoid solutions.
Canntab holds a Standard Medical Cannabis Processing and Sale License, Cannabis Research License, and Industrial Hemp License from Health Canada.
Additionally, Canntab, through its wholly-owned U.S. subsidiary, is establishing a CBD manufacturing and distribution business in Florida, United States.
Canntab trades on the Canadian Stock Exchange under the symbol PILL, on the OTCQB under the symbol CTABF and on the Frankfurt Stock Exchange under the symbol TBF1.
Neither the Canadian Securities Exchange nor its market regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact can be considered as forward-looking statements. Forward-looking statements are often identified by words such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or negatives of these terms. and similar expressions. Forward-looking statements are based on certain assumptions and general business, economic, competitive, political and social uncertainties will not prevent the Company from conducting its business. While Canntab considers these assumptions to be reasonable, based on information currently available they are inherently subject to significant business, economic and competitive uncertainties and contingencies and may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, that another cannabis producer will market prolonged-release hard cannabinoid pills in Canada and foreign jurisdictions before the Company, that the Company will fail to obtain additional financing, general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favorable terms, the medical and recreational cannabis industry in Canada generally, income tax and regulatory matters, Canntab’s ability to execute its business strategies, competition, crop failure, currency and interest rate fluctuations and other risks. Readers are cautioned that the above is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved. This information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. Except as required by law, Canntab disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE Canntab Therapeutics Limited