Vancouver, British Columbia--(Newsfile Corp. - March 3, 2020) - Canntab Therapeutics (CSE: PILL) (OTCQX: CTABF) (FSE: TBF1), a leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic application, has received its Cannabis Standard Processing and Sales for Medical Purposes Licence from Health Canada. This follows the recent grant by Health Canada of a Cannabis Research Licence. These new licences will enable the company to submit Notice of New Cannabis Products to Health Canada.
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The company also closed the first tranche of its non-brokered private placement, raising gross proceeds of $3,080,000 from the sale of 6,160,000 units priced at $0.50 per unit, with each unit consisting of one share and one warrant with the warrant exercisable at $0.75 for 24 months.
Jeff Renwick, CEO, stated: "With the licensing and financing, we are now in a position to move into full scale manufacturing and distribution of our next generation of biopharmaceutical cannabinoid solutions. We plan to roll-out new brands and products for sale, starting this summer. Canntab intends to be the first to bring timed-release cannabinoid hard pills to market in Canada."
Part of the proceeds of the private placement will be directed to a trial with the University of British Columbia to research the effect of opioid sparing high formulation with Canntab's bi-layered CBD/THC controlled release formulations for post-operative pain care.
Canntab's proprietary hard pill cannabinoid formulations, which will be available in multiple doses and timed-release combinations, provide doctors, patients and consumers with medical grade solutions which incorporate all the features one would expect from any prescription or over the counter medication sold in Canadian pharmacies. Management believes providing accurate doses and improved shelf stability is the future of medical cannabinoid solutions.
Due to its extensive inventory of machinery and equipment, Canntab can produce these unique products with relatively minimal capital expenditure requirements therefore positioning the company to maintain high gross profit margins. With headquarters and R & D located in Markham, the company also operates out of Cobourg, Ontario where it has co-location and profit sharing agreements with its strategic partner, FSD Pharma Inc. (CSE:HUGE), a holder of both cultivating and processing licenses.
Additionally, the company through its new wholly owned American subsidiary, and the company's U.S. partner Exactus Inc., is in the process of establishing a CBD manufacturing and distribution business in Florida for the sale and distribution of CBD hard pill formulations across the United States.
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