TORONTO – Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab”), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is pleased to announce that it is today beginning production of its instant release tablets and has already entered into its first purchase agreement with MediPharm Labs (“MediPharm”) (TSX:LABS)(OTCQX: MEDIF)(Deutsche Borse: MLZ), a global leader in pharma quality cannabinoid based products.
Canntab received its first order under the agreement today, and the value of the full agreement will exceed $1 million. Orders under the agreement will be composed of a mix of Canntab’s proprietary instant release tablets delivering THC, CBD and a combination of THC/CBD in 12 different strengths. MediPharm will purchase and distribute cannabis products on a non-exclusive basis across Canada, through licensed provincial dispensaries.
The exact value of shipments under the agreement will be determined no later than June 30, 2020 and will depend on the final concentrations of Canntab’s instant release tablets chosen by MediPharm.
Canntab has already filed its 60 day notice for approval to sell this line of products with Health Canada and expects that its tablets will be available for sale in the early summer. Canntab is currently the only company in Canada capable of delivering THC, CBD and/or any combination THC/CBD in pharmaceutical grade tablets or hard pills.
Jeff Renwick, CEO of Canntab said “we are very excited and pleased to have achieved this major milestone in our short history as a company. We are especially pleased to have accomplished this major milestone in the face of the Covid-19 Pandemic which has caused major uncertainty and disruption in world markets, including, Canada. Canntab has continued to work diligently to build shareholder value during this crisis as we are designated an essential business. Signing our first purchase order with a quality partner having a global reach such as MediPharm is simply the tip of the iceberg for Canntab.”
“We’re pleased to be working with Canntab who are leading the way in manufacturing innovative cannabis based tablets,” said Pat McCutcheon, Chief Executive Officer, MediPharm. “With MediPharm’s robust supply chain and established distribution channels, we are excited to roll out novel high quality tablet products in the coming months to medical and adult-use consumers across Canada.”
Canntab has filed 13 patents in Canada and United States that cover a range of processes and formulations that it uses to create its precision oral delivery hard tablets, the future of medical cannabis. These patents include Canntab’s proprietary nano-emulsification technology, granulation process, methods of manufacturing, and covers its full line of precision oral delivery hard tablets including; Instant (Immediate) Release Tablets, Extended Release Tablets, Oral Dissolvable Tablets and Bi-Layered (Modified Release) Tablets. Canntab has also filed a patent for an exclusive formulation of THC and CBD for the treatment of opioid addiction treatment therapy.
About Canntab Therapeutics
Canntab Therapeutics is a Canadian biopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. 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 Canadian pharmacies. These will include the following formulations: once a day and extended release, both providing an accurate dose and improved shelf stability. The future of medical cannabinoid solutions.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Additionally, Canntab through its wholly owned American subsidiary is in the process of establishing a CBD manufacturing and distribution business in Florida, USA.
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.