Canntab Therapeutics Ltd (CSE:PILL) shares started trading on the Canadian Securities Exchange on Friday, offering traders another way to play the cannabis industry on the most significant day of the year for marijuana enthusiasts.
The company offers medical marijuana in pill form — the first to do so in Canada, and possibly the rest of the world — the reason being that a pot pill would be easier to digest and better for the health of those who have trouble smoking.
Shares popped past C$1 in early trading.
The company is headed by CEO Jeff Renwick with Chief Financial Officer Richard Goldstein. Barry M. Polisuk, Sheldon Inwentash and Vitor Fonseca are directors.
A significant day to debut
The once-private group was founded April 20, 2016, by pharmaceutical industry professionals and comes to the public market after merging with shell resource group Telferscot Resources.
April 20 is celebrated by pot aficionados worldwide based on its shorthand date of 4/20, which in turn is derived from the time of day a group of 1970s California high school kids who called themselves the “Waldos” would meet to light up after school.
READ: Callitas Health looks to line up partners for its cannabis-related products
Canntab licensed its technology from a predecessor firm, which had spent about C$2mln developing two extended-release tablets — one of which has received a patent. The company has to date filed seven patents for its two products and entered agreements with Emblem Cannabis Corp, which has a licensed producer’s license.
Plans for the next eight months include obtaining approval from Health Canada for the tablets and making batches for third-party clinical trials in Canada.
READ: Scotts to buy Sunlight Supply for US$450mln to expand sales to cannabis growers
The company also aims to expand into some US states where it will seek a manufacturing and distributors license.
“We are proud to announce that Canntab has joined the growing family of cannabis companies listed on the CSE, and believe that this represents an important milestone for the company and our loyal shareholders,” said Renwick. “Canntab was able to take this step on only the second anniversary from its date of incorporation, and we intend to continue taking steps like these to enhance shareholder value, increase liquidity and execute on our strategic vision.”