The company said it reached a milestone in its development of an oral extended-release formulation for cannabinoids
() has submitted an application with Health Canada to become a licensed producer (non-grower) under the Access to Cannabis for Medical Purposes Regulations.
The Markham, Ontario, company also said it reached a milestone in its development of a patent-pending oral extended-release formulation for cannabinoids in collaboration with (TSXV:EMC) (OTCQX:EMMBF).
Dissolution testing indicated that the extended-release tablets released cannabinoids consistently over a 12-hour period. Given these positive test results, Canntab is manufacturing batches of these tablets for further clinical testing. This will lead to the filing of dossiers with regulatory agencies around the world for approval of Canntab’s oral dose delivery systems.
“In our short history on the public markets, Canntab has already reached a number of significant milestones," said Canntab CEO Jeff Renwick.
The company also pointed to Health Canada’s approval of its 420 Therapeutics brand of cannabis wellness products, which are made with purified organic hemp seed oil. Canntab said it is an important step toward manufacturing full spectrum hemp-derived cannabinoid, or CBD.
BIG PICTURE: Canntab Therapeutics merging medical cannabis with pharmaceutical expertise
Canntab also said it has signed a non-binding letter of intent with NewCanna SA of Bogota, Colombia, for the establishment of a bilateral relationship covering the sale and distribution of Canntab’s products in Colombia, Chile, Paraguay and Spain with a one-time, non-refundable license fee of $2 million payable to Canntab by NewCanna.
The company also signed a non-binding LOI with Labsco Promedic SA to establish a joint venture covering sales and distribution of Canntab products in Mexico.
"Canntab is leveraging its first mover advantage and developing an important IP portfolio to actively pursue other high-level discussions for partnerships with industry leaders. CBD and THC in tablet form is an important category with few worldwide players at this time and Canntab believes that it is well positioned to build significant shareholder value by aggressively pursuing these opportunities,” Renwick said.
Contact Rene Pastor at [email protected]
