The company said it has now fulfilled 80% of the purchase amount contracted under the wholesale table purchase agreement entered into by the company and MediPharm Labs in June 2020
Canntab Therapeutics Limited () (OTCQB:CTABF) (FRA:TBF1) said it has completed its second delivery of two additional SKU's ordered by Corp, including 12.5mg CBD caplets (hard tablets in the shape of capsules) and 25mg CBD caplets for approximately $550,000.00.
The company said it has now fulfilled 80% of the purchase amount contracted under the wholesale table purchase agreement entered into by the company and MediPharm Labs in June 2020. As Canntab announced on December 1, 2020, the total purchase order was approximately $1.3 million.
READ: Canntab Therapeutics granted Canadian patent for its hard pill cannabidiol formulations
The first delivery included 2.5mg THC and 5mg THC tablets. The final shipment which is currently in production and anticipated to be completed by month-end is for a combination caplet which contains 25mg CBD and 5mg THC.
In a statement, Larry Latowsky, chief executive officer of Canntab commented: "We are very pleased having shipped 2 more SKU's to Medipharm Labs. Not only will this shipment reflect our second consecutive quarter of revenue, but more importantly, it also reflects our ability to ramp up our production by now having successfully produced and delivered 4 unique SKU's including 2.5mg THC, 5mg THC, 12.5mg CBD and 25mg CBD hard oral dose tablets and caplets.
"We are also excited about Medipharm's distribution capabilities to provincial wholesalers across Canada as well as National retailers. With our production capabilities now ramping, our focus will now be on expanding our sales channels by marketing directly to consumers and the health care community within Canada."
Worldwide Expansion
Canntab also said it is currently evaluating a number of partnering opportunities in Canada, the United States and Europe. It addd that it will provide details of these efforts to its shareholders as soon as they become material.
The company noted that its unique patent technology and know-how is easily exportable to a number of important worldwide markets where the opportunities for commercial expansion are both significant and immediate.
Intellectual Property
Canntab also noted that it has filed more than a dozen patent applications in the United States and Canada and other jurisdictions for which two have now been granted or allowed. Canntab has developed both patented and patent-pending technologies to deliver standardized medical cannabis extract from selective strains in a variety of extended-release/ sustained-release pharmaceutical-grade delivery systems. Canntab has also applied for similar patents in Australia and Europe.
The company also intends to prove greater bioavailability of its tablets through a three-way cross over blood level study at a third-party Clinical Research Organization (CRO). The study will compare, among other important data, capsules from any Canadian Licensed Producer to the Canntab instant release (IR) and extended-release (XR) tablets.
It said the study is currently in the final planning phase and Canntab will provide further details on the breadth of the study, timing and results as soon as this information becomes available.
The Canadian biopharmaceutical company is focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations.
Canntab's proprietary 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.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Contact the author at jon.hopkins@proactiveinvestors.com