TORONTO, May 21, 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 announce that it has received a cultivation licence for industrial hemp from Health Canada pursuant to the Cannabis Act (Canada) (the “Hemp Licence”). Canntab intends to utilize the Hemp License to secure a substantial amount of hemp biomass that it will grow and cultivate for the extraction of cannabidiol (“CBD”) and to conduct research on high CBD hemp varieties, complementing the Company’s business plan to also manufacture CBD gel capsules for distribution through its partners in Canada, Australia and Mexico. In addition, Canntab intends to use part of this CBD oil in its manufacturing of its suite of cannabis hard pills.
The Company has identified and secured two properties at which it intends to commence growing and cultivating industrial hemp. The first property, situated in Caledon, Ontario, will be operated in conjunction with the horticultural expertise of Thomas Elcome, with whom Canntab entered into supply agreements this past February (previously released on February 12th and 28th, 2019). The second property located near Regina, Saskatchewan, will allow Canntab, together with a prominent Saskatchewan farming corporation, to cultivate hemp. The two properties have an approximate total capacity of 560 acres, and Canntab has secured off-take agreements. Canntab intends to cultivate high quality hemp at both locations, leveraging the technical know how of Thomas Elcome. This hemp will then be used for extracting CBD and to conduct research into hemp varietals for the purpose of identifying high CBD strains to be used in future seasons.
Health Canada Cannabis Licence
In addition to the newly acquired Hemp Licence, Canntab’s application is currently “In Progress” to obtain a Cannabis Licence (Processing- Standard, Federal Sales – Medical) from Health Canada at its Markham, Ontario facility. Canntab currently operates out of Cobourg, Ontario with its strategic partner, FSD Pharma Inc. Upon receiving its Standard Processing Licence, Canntab intends to fully leverage both the Cobourg facility and its Markham facility for ongoing research and development, manufacturing and distribution through its growing network which currently includes Canada, Australia and Mexico.
“Today’s news is another important milestone achieved by Canntab. We have now ensured a security of raw materials that we need for not only our oil filled gel capsules but ultimately our hard pill dosage forms. We also intend to apply for a Cannabis Drug License that will enable Canntab to conduct further research into making medical claims and develop and manufacture pharmaceutical grade cannabis derived dosage forms in a GMP environment,” stated Jeff Renwick, Chief Executive Officer of Canntab.