TORONTO, July 31, 2019 /CNW/ – Canntab Therapeutics Limited (CSE:PILL.CN) (OTCQX:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab”), the leading innovator in hard pill oral dose therapeutic cannabinoid and terpene blends, is pleased to provide an update on a number of significant developments, as well as a clear outline of what to expect in the coming months as edible products become legalized.
Near Term Revenue – Oil-Filled Gel Capsules
Utilizing a high-quality capsule machine that was recently installed in the Cobourg, Ontario facility that is shared with our partner FSD Pharma, Canntab will begin manufacturing commercial batches of oil-filled gel capsules with the intention of requesting Health Canada authorization to begin full scale production and sale. Once approved, these products will be distributed through our growing network of partners in October and beyond, pending Health Canada approval.
Health Canada Licenced Producer Status (LP)
The bulk of construction has been completed at the Company’s wholly-owned Markham, Ontario facility for the purpose of preparing for a Health Canada inspection, the final step before being granting Licenced Producer status. This coincides with Canntab’s engagement of Ample Organics, which will be providing a suite of services that are critical to our LP application.
Hemp Cultivation
Cultivation at the hemp farm in Caledon, Ontario advances with established plants that have thrived in an excellent growing season. Harvesting will begin next week and continue until the end of the season (at the beginning of October).
“We are excited to enter this new phase in our development, with manufacturing beginning in the Cobourg facility and construction nearing completion in Markham, we are taking the final steps necessary to bring our products to market. Oil-filled gel capsules will represent the first stream of revenue for Canntab before we are able to launch our flagship hard tablet products in October, pending Health Canada approval. Our line of solid oral dosage forms with timed release properties is expected to be the future of medical cannabis,” explains Jeff Renwick, Co-Founder and Chief Executive Officer of Canntab Therapeutics.
Additionally, Canntab has hired a pharmacist and drug formulation specialist, Erin Kofman. With over a decade of experience, Erin will assist with our application to Health Canada for approval of our various dosage forms. The Company will be compensating Erin through a paid salary and by granting 20,000 stock options. Each such option entitles the holder thereof to acquire one common share for a period of 3 years at an exercise price of $1.21 per common share. All 20,000 options vest immediately.