Enables Canntab to Leverage Properties in Saskatchewan and Ontario to Cultivate High Quality Hemp for the Extraction of Cannabidiol (CBD)
Additionally, Canntab's application is currently "In Progress" to obtain a Cannabis Licence (Processing- Standard, Federal Sales - Medical) from Health Canada at its Markham, Ontario facility.
TORONTO, May 21, 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 announce that it has received a cultivation licence for industrial hemp from Health Canada pursuant to the Cannabis Act (Canada) (the "Hemp Licence"). Canntab intends to utilize the Hemp License to secure a substantial amount of hemp biomass that it will grow and cultivate for the extraction of cannabidiol ("CBD") and to conduct research on high CBD hemp varieties, complementing the Company's business plan to also manufacture CBD gel capsules for distribution through its partners in Canada, Australia and Mexico. In addition, Canntab intends to use part of this CBD oil in its manufacturing of its suite of cannabis hard pills.
The Company has identified and secured two properties at which it intends to commence growing and cultivating industrial hemp. The first property, situated in Caledon, Ontario, will be operated in conjunction with the horticultural expertise of Thomas Elcome, with whom Canntab entered into supply agreements this past February (previously released on February 12th and 28th, 2019). The second property located near Regina, Saskatchewan, will allow Canntab, together with a prominent Saskatchewan farming corporation, to cultivate hemp. The two properties have an approximate total capacity of 560 acres, and Canntab has secured off-take agreements. Canntab intends to cultivate high quality hemp at both locations, leveraging the technical know how of Thomas Elcome. This hemp will then be used for extracting CBD and to conduct research into hemp varietals for the purpose of identifying high CBD strains to be used in future seasons.
Health Canada Cannabis Licence
In addition to the newly acquired Hemp Licence, Canntab's application is currently "In Progress" to obtain a Cannabis Licence (Processing- Standard, Federal Sales - Medical) from Health Canada at its Markham, Ontario facility. Canntab currently operates out of Cobourg, Ontario with its strategic partner, FSD Pharma Inc. Upon receiving its Standard Processing Licence, Canntab intends to fully leverage both the Cobourg facility and its Markham facility for ongoing research and development, manufacturing and distribution through its growing network which currently includes Canada, Australia and Mexico.
"Today's news is another important milestone achieved by Canntab. We have now ensured a security of raw materials that we need for not only our oil filled gel capsules but ultimately our hard pill dosage forms. We also intend to apply for a Cannabis Drug License that will enable Canntab to conduct further research into making medical claims and develop and manufacture pharmaceutical grade cannabis derived dosage forms in a GMP environment," stated Jeff Renwick, Chief Executive Officer of Canntab.
Canntab Therapeutics Ltd. is a Canadian company engaged in the research and development of advanced, pharmaceutical-grade formulations of cannabinoids 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.
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SOURCE Canntab Therapeutics Limited
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