The company is developing advanced pharmaceutical grade formulations of cannabinoids
() shares nudged higher in Toronto Friday as it posted its latest quarterly results, as revenue surged on the back of license fees other income.
Revenue from interest income and licence fees for the three months ended August 31 was $31,795 versus $682 in the same quarter a year ago.
The company ended the quarter with cash of $3.4 million, having invested $125,000 on equipment and intangible assets, as it continues in its development of cannabis pills.
READ: Canntab Therapeutics shares higher as pot pill firm enters Mexico market
In keeping for a company at this stage of early development, the quarterly loss was $446,856 versus a loss of $211,602 in the same quarter last year.
The company is developing advanced pharmaceutical grade formulations of cannabinoids and has developed technology to generate medical cannabis extract from selective strains in a variety of pharmaceutical dosages.
Last month it applied to become a licensed producer under Canada's medical purposes regulations.
It also revealed it was poised to enter the medicinal cannabis market in Mexico after signing a non-binding Letter of Intent (LOI) with Labsco Promedic SA de CV of Monterrey, Mexico over a joint venture for an initial period of five years.
Among the agreements, Labsco shall be responsible for funding and obtaining any regulatory, licencing or other such approvals for importing and distributing Canntab products in Mexico and will provide physical premises.
Canntab will license current patents and know-how, subject to completion of the deal.
Shares in Toronto added 2.29% to stand at $1.34.
Reporting by Giles Gwinnett
