TORONTO, May 30, 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 signed a term sheet with Heritage Cannabis Holdings Corp. (CSE:CANN) (“Heritage”) for the purpose of capsule manufacturing (the “Term Sheet”).
Under the Term Sheet, Canntab will provide hemp to Heritage’s subsidiary Purefarma Solutions (“Purefarma”) for the purpose of processing that hemp into high quality CBD oil. The oil will then be transformed into capsules by Canntab for Heritage, FSD Pharma Inc. (CSE:HUGE), and further white labelling opportunities. The term sheet with Heritage will begin immediately, is open-ended, non-exclusive and may be cancelled by either party providing 120 days’ prior notice.
“This agreement with Canntab is a strategic fit for our growth as a contract service provider, aligns with our vision to operate in final product verticals and advances our offering in the medical cannabis sector.” states Clint Sharples, CEO of Heritage.
“After recently announcing the receipt of our cultivation licence for industrial hemp from Health Canada, we are immediately entering into important agreements to generate both short term and sustained revenue for the company. Our ability to encapsulate allows us to generate revenue without losing our long term focus on becoming the leading supplier of hard pill oral dose cannabinoid and terpene blends in the world,” states Jeff Renwick, co-founder and Chief Executive Officer of Canntab Therapeutics Limited.
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 manufacturing and distribution through its growing network which currently includes Canada, Australia and Mexico.