- Commercial batch manufacturing of oil-filled gel capsules to begin in Cobourg, leading to a Health Canada request for authorization to begin full scale production and sale.
- Construction nears completion in Markham, and Canntab intends to request a Health Canada inspection in early fall, to receive Licenced Producer (LP) status.
- Cultivation at the hemp farm in Caledon advances with harvesting to begin next week.
- A pharmacist and drug formulation specialist has been hired to assist with our product applications to Health Canada.
TORONTO, July 31, 2019 /CNW/ - Canntab Therapeutics Limited (CSE:PILL.CN - News) (OTCQX:CTABF - News) (FRA:TBF1.F - News) (the "Company" or "Canntab"), the leading innovator in hard pill oral dose therapeutic cannabinoid and terpene blends, is pleased to provide an update on a number of significant developments, as well as a clear outline of what to expect in the coming months as edible products become legalized.
Near Term Revenue – Oil-Filled Gel Capsules
Utilizing a high-quality capsule machine that was recently installed in the Cobourg, Ontario facility that is shared with our partner FSD Pharma, Canntab will begin manufacturing commercial batches of oil-filled gel capsules with the intention of requesting Health Canada authorization to begin full scale production and sale. Once approved, these products will be distributed through our growing network of partners in October and beyond, pending Health Canada approval.
Health Canada Licenced Producer Status (LP)
The bulk of construction has been completed at the Company's wholly-owned Markham, Ontario facility for the purpose of preparing for a Health Canada inspection, the final step before being granting Licenced Producer status. This coincides with Canntab's engagement of Ample Organics, which will be providing a suite of services that are critical to our LP application.
Cultivation at the hemp farm in Caledon, Ontario advances with established plants that have thrived in an excellent growing season. Harvesting will begin next week and continue until the end of the season (at the beginning of October).
"We are excited to enter this new phase in our development, with manufacturing beginning in the Cobourg facility and construction nearing completion in Markham, we are taking the final steps necessary to bring our products to market. Oil-filled gel capsules will represent the first stream of revenue for Canntab before we are able to launch our flagship hard tablet products in October, pending Health Canada approval. Our line of solid oral dosage forms with timed release properties is expected to be the future of medical cannabis," explains Jeff Renwick, Co-Founder and Chief Executive Officer of Canntab Therapeutics.
Additionally, Canntab has hired a pharmacist and drug formulation specialist, Erin Kofman. With over a decade of experience, Erin will assist with our application to Health Canada for approval of our various dosage forms. The Company will be compensating Erin through a paid salary and by granting 20,000 stock options. Each such option entitles the holder thereof to acquire one common share for a period of 3 years at an exercise price of $1.21 per common share. All 20,000 options vest immediately.
About Canntab Therapeutics Limited
Canntab Therapeutics Ltd. is a Canadian company engaged in the research and development of advanced, pharmaceutical-grade formulations of cannabinoids and terpenes in a variety of timed-release dosages, including extended release, immediate release and flash melt. In doing so, Canntab has developed a suite of precision oral dose products that are unavailable elsewhere in the marketplace. Our proprietary hard pill cannabinoid formulations will provide doctors, patients and the general consumer with a medical grade solution with all the features you would expect from any prescription or over the counter medication. Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQX Best Market under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
Forward Looking Statements
Neither the Canadian Securities Exchange (the "CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Standard Processing Licence application, the exportation of certain products into foreign markets, regulatory approvals relating to the Company's medical cannabis business, and sales and distribution of cannabis-based products in a variety of regulated jurisdictions. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
View original content to download multimedia:http://www.prnewswire.com/news-releases/canntab-provides-corporate-update-300893785.html
SOURCE Canntab Therapeutics Limited
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2019/31/c1616.html