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The agreement is anticipated to contribute to correcting the opioid crisis in Canada and serve as a foundation for both companies to potentially expand into new verticals in the future
Levitee Labs and Canntab Therapeutics have executed a services agreement resulting in Levitee Labs informing patients about the Canntab portfolio of therapeutics
Levitee Labs will offer the entire Canntab product lineup throughout all its clinics and pharmacies in Western Canada
VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Levitee Labs Inc. (CSE: LVT) (OTC: LVTTF) (FSE: 7H7) (the “Company” or “Levitee”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to announce that the Company has entered into a strategic partnership via a services agreement (the “Agreement”) with Canntab Therapeutics Limited (CSE: PILL.CN) (OTCQB: CTABF) (FRA: TBF1.F) ("Canntab"), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications available in multiple doses and timed-release combinations.
Pursuant to the Agreement, Levitee will, where applicable, inform customers throughout its ecosystem of specialized clinics and pharmacies in Alberta and British Columbia about Canntab products as alternative solutions for pain management, addiction, and other disorders. Levitee currently owns five addiction clinics and three specialized pharmacies which have conducted more than 35,000 patient visits in the last 12 months. The partnership is anticipated to enhance patient care and drive additional revenue.
“We share a vision with Canntab to play a meaningful role in flattening the curve of the opioid crisis in Canada by tapering use of addictive painkillers through the substitution of viable alternatives, which can include cannabinoids like CBD and THC and combination thereof,” said Noha ElSayed, B.Sc.Pharm, APA, Executive Director, Levitee Clinics and Levitee Pharmacies, Alberta Region. “Notwithstanding the lack of clinical trials for product specific uses, cannabinoids have shown great promise to provide patients relief for multiple indications in which we specialize. I am eager for Canntab to begin servicing our pharmacies and clinics throughout Canada, as it will both drive additional revenue and better serve our patients.”
“I see this as the start of what can be a long and prosperous relationship between Canntab and Levitee Labs,” added Richard Goldstein, Co-Founder and Chief Financial Officer of CannTab. “Our hard pill formulations are superior to all other medical CBD and THC delivery systems and designed to produce both immediate and durable relief for acute and chronic pain. Furthermore, our manufacturing capacities are not limited. In the future, I see the potential for our production expertise to be extremely synergistic with Levitee’s compounding capabilities to provide a diverse portfolio of therapeutics, including those in the psychedelics space when regulations allow.”
About Canntab Therapeutics Limited
Canntab is a Canadian phytopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Long referred to as Cannabis 3.0 by the Company, Canntab's proprietary hard pill cannabinoid formulations 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 pharmacies around the world. These will include the following formulations: once a day and extended release, both providing an accurate dose and improved shelf stability.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes License, a Cannabis Research License, and an Industrial Hemp License from Health Canada. Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
About Levitee Labs
Levitee is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
The Company’s current portfolio of assets includes: Levitee Clinics™, a group of five operating addiction and pain treatment clinics in Alberta; Levitee Pharmacies™, three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; BlockMD, the first technology company in Alberta to receive provincial approval for electronic-prescriptions in the addiction treatment space; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands. Further information about Levitee is available on its website at www.leviteelabs.com.
Investor and Corporate Communications:
Pouya Farmand, CEO & Co-Founder
Olivia Belcher-Coward, Marketing & Communications Manager
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting Levitee’s business plans and proposed products, and the benefits derived from mushroom-infused products; the acquisitive growth potential of Levitee once acquisitions are completed; the expectation that Levitee will continue to execute its accretive acquisition program, and the contribution of such program to Levitee’s future growth potential; and Levitee’s objective to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. These statements and other forward-looking information are based on assumptions made by Levitee based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release as well as management’s current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. These assumptions may also be based on information obtained from third-party industry analysts and other third-party sources. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Levitee as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: Levitee’s limited history of operations; ability to secure additional financing; negative cash flow from operating activities since inception; regulatory requirements; changes in consumer preferences; supply of raw materials; reliance on a limited number of products; brand awareness; the ability to develop, market and produce new products; dependence on certain key senior managers; reliance on third parties for manufacturing and packaging; potential product liability claims and product recalls; and significant competition. For additional information regarding these risks, please see the risk factors identified and reported in Levitee’s public filings under its SEDAR profile at www.sedar.com. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and Levitee assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release and accepts no responsibility for the adequacy or accuracy hereof.