The company is getting ready to move into full-scale manufacturing of its cannabinoid pills
Canntab Therapeutics Limited () (OTCMKTS:CTABF) is getting ready to move into full-scale manufacturing of its cannabinoid pills after receiving its processing and sales license from Health Canada on Friday.
The Toronto-based company manufactures and distributes a suite of hard pill CBD formulations in multiple doses and time-release combinations.
Last week the firm received its research license from the Canadian regulator, allowing it to continue the research and development of its pharmaceutical-grade cannabis hard pill formulations at its Markham, Ontario facility.
READ: Canntab awarded Health Canada cannabis research licence
"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,” said Canntab CEO Jeff Renwick.
The company plans to roll out new brands and products for sale beginning in the summer, according to Renwick, who also said that Canntab intends to be the first to bring timed-release cannabinoid hard pills to market in Canada.
The firm also closed a nearly $3.1 million offering through a non-brokered private placement. Canntab issued 6.16 million units of the company at a price of C$0.50 per unit for gross proceeds of C$3,080,000. Each unit consists of one share and one warrant exercisable at C$0.75 for a two-year period.
Canntab plans to raise C$4 million in total.
The company now holds a cannabis standard processing and sales for medical purposes licence, a cannabis research licence, and an industrial hemp licence from Health Canada.
Canntab is also in the process of establishing a CBD manufacturing and distribution business in Florida through its US subsidiary.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas
