Vancouver, British Columbia--(Newsfile Corp. - October 22, 2018) - Canntab Therapeutics (CSE: PILL) (FSE: TBF1), a Canadian cannabis oral dosage formulation company, engaged in the research and development of advanced pharmaceutical grade formulations of cannabinoids, has filed an application to become a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations with Health Canada. The License, if granted by Health Canada, would allow the company to process cannabis products at its current production facility in Markham, Ontario with minimal additional capital expenditures as compared to a new purpose-built facility.
Canntab has developed a suite of precision oral dose products that are unavailable elsewhere in the marketplace. The company's patented technology focuses on the delivery of standardized medical cannabis extract, from selective strains, allowing medical professionals to provide pharmaceutical dosages to deliver therapeutic treatments to their patients.
Jeff Renwick, CEO of CannTab, stated: "We are excited to announce, as we enter into a new era of legalization, that Canntab has submitted its application to Health Canada to become a Licensed Producer. This is another step that enables Canntab to further diversify its manufacturing and distribution capabilities towards a world-wide rollout of its suite of precision oral dose delivery platforms for cannabis-based products."
Canntab recently signed a non-binding Letter of Intent with NewCanna S.A.S. of Bogota, Colombia. The LOI establishes a significant bi-lateral relationship granting NewCanna the right to sell and distribute certain Canntab exclusive proprietary products, and the right to utilize Canntab's know-how and patents in the countries of Colombia, Chile, Paraguay and Spain.
The two parties have a 60-day period to complete a formal agreement, which will trigger a one-time, non-refundable License Fee of US $2-million payable to Canntab by NewCanna in consideration for the exclusive license to be granted by Canntab to NewCanna. NewCanna would become a key supplier of raw materials for Canntab and on a cost basis which will be very favourable in comparison to other sources worldwide.
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