- Canntab Makes Progress Towards Becoming Revenue-Generating in 2019 -
TORONTO, May 30, 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 signed a term sheet with Heritage Cannabis Holdings Corp. (CSE:CANN) ("Heritage") for the purpose of capsule manufacturing (the "Term Sheet").
Under the Term Sheet, Canntab will provide hemp to Heritage's subsidiary Purefarma Solutions ("Purefarma") for the purpose of processing that hemp into high quality CBD oil. The oil will then be transformed into capsules by Canntab for Heritage, FSD Pharma Inc. (CSE:HUGE), and further white labelling opportunities. The term sheet with Heritage will begin immediately, is open-ended, non-exclusive and may be cancelled by either party providing 120 days' prior notice.
"This agreement with Canntab is a strategic fit for our growth as a contract service provider, aligns with our vision to operate in final product verticals and advances our offering in the medical cannabis sector." states Clint Sharples, CEO of Heritage.
"After recently announcing the receipt of our cultivation licence for industrial hemp from Health Canada, we are immediately entering into important agreements to generate both short term and sustained revenue for the company. Our ability to encapsulate allows us to generate revenue without losing our long term focus on becoming the leading supplier of hard pill oral dose cannabinoid and terpene blends in the world," states Jeff Renwick, co-founder and Chief Executive Officer of Canntab Therapeutics Limited.
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 manufacturing and distribution through its growing network which currently includes Canada, Australia and Mexico.
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.
About Heritage Cannabis Holdings Corp.
Heritage is focused on becoming a vertically integrated cannabis provider that currently has two Health Canada approved licenced producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and BriteLife Sciences which is focused on cannabis based medical solutions. Heritage as the parent company, is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company has 25,000 square feet that is licensed at its Ontario facility and expansion is currently underway.
FSD facilities sit on 70 acres of land with 40 acres primed for development with an expansion plan of up to 3,896,000 square feet by 2025.
FSD's wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017 and its Sale for Medical Purposes license on April 18, 2019. FV Pharma's vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
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. 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-signs-term-sheet-with-heritage-for-processing-hemp-for-sale-of-cbd-filled-gelcaps-300859274.html
SOURCE Canntab Therapeutics Limited
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/30/c7541.html