It marks the final step to obtain a licence to process cannabis at the facility, pending Health Canada review and approval
Canntab Therapeutics Limited () (OTCMKTS:CTABF) said Monday that it has submitted the Site Evidence Package to Health Canada for approval of their Licence Producer Status and at the same time announced the appointment of an experienced adviser.
The firm, a leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic application, pointed out that the submission marks the final step required to obtain a licence to process cannabis at the facility, pending Health Canada review and approval.
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The facility, located in Markham, Ontario, is designed and fully equipped to accommodate all manufacturing necessary to produce Canntab's pharmaceutical-grade cannabis hard pill formulations (solid oral dosage forms), which the Company believes is the future of medical cannabis.
The group noted that the formulations are comprised of various combinations of THC and CBD and will come in dosages of 2.5 mg, 5 mg and 10 mg, in extended-release, instant release, and bi-layered solutions.
Ongoing research and development into individual cannabinoids is expected to contribute additional formulations and dosage forms for future production, it added.
In a statement, Jeff Renwick, co-founder and CEO of Canntab, said: "After almost a year and a half of consulting, designing, and building, we have reached an important milestone in Canntab's business development, we have submitted our final evidence package to Health Canada for review.”
He added: "With our licence, we will be able to manufacture hundreds of thousands of hard pills a day, in a growing variety of formulations that are unique in the marketplace."
Retention of Larry Latowsky as an advisor
Canntab also announced that it has retained the expertise of Larry Latowsky as an advisor, as the company pivots from development to manufacturing, marketing and distribution.
The group noted that Latowsky has extensive experience and contacts in the wholesale, retail and direct to consumer pharmaceutical industries, having previously been the President and CEO of Drug Trading Co., and Katz Group Canada, the parent company of Rexall, Pharmaplus, IDA, Guardian, Medicine Shoppe, Herbies, Propharm Technology, and Druggists Corporation (DC Labs).
In connection with his appointment, the company said it has granted Latowsky an aggregate of 500,000 warrants, each entitling the holder to purchase one common share of the company at a price of $1.00 per share, which vests over a period of three years.
Latowsky commented: "I'm excited to be a part of Canntab's business as they move into manufacturing and marketing. Their unique and patent pending product offerings and full-scale manufacturing capability, provide an excellent opportunity for me to leverage my skills and network for the purpose of distributing and licensing Canntab's medical solutions to a broad market."
Canntab has filed 13 patents in Canada and the United States that cover a range of processes and formulations needed to create the company's hard pill formulations, including instant release, extended-release, and bi-layered solutions.
In August the International Preliminary Report on Patentability (IPRP) indicated a positive finding of patentability for Canntab's Instant Release Cannabidiol Formulation, meaning that, in their opinion, the company's formulation is not only patentable but also novel, non-obvious and useful.
