Mr. Richard Goldstein reports

CANNTAB PROVIDES CORPORATE UPDATE

Canntab Therapeutics Ltd. has provided an update on two recent developments: (i) an update on its application for a dealer licence with Health Canada; and (ii) its Australian joint venture partner has obtained a licence to import medical cannabis products.

Application for a dealer licence with Health Canada

The company has engaged an experienced consultant for the purposes of finalizing and submitting an application to obtain a Health Canada dealer licence under the Controlled Drugs and Substances Act (CDSA) and its associated regulations. The dealer's licence will allow Canntab to continue with the development of its proprietary products, including the extended-release tablet (XR tablet), and will allow Canntab to manufacture and sell the products in Canada and elsewhere. Further, the dealer licence, when combined with an export permit that the company intends to apply for after receiving its dealer licence, will allow the company to export its proprietary XR tablet to certain international markets. Trevor Moore, a veteran of the Canadian medical cannabis industry, has been retained by the company to assist in preparing its application for a dealer licence. Mr. Moore has previously helped two licensed producers obtain their licences and is an expert in the areas of quality assurance, regulatory compliance and government relations.

Australian joint venture

Canntab entered into a joint venture agreement with Queensland Bauxite Ltd. (QBL) and its wholly owned subsidiary, Vitacan Pty. Ltd. Pursuant to the joint venture agreement, the parties shall manufacture, distribute and sell Canntab's proprietary products, including its XR cannabis tablets, in Australia. The joint venture may extend to other territories in Asia. Pursuant to the joint venture, Vitacan has agreed to contribute the first $1-million (U.S.) of capital required by the joint venture.

"We are very excited to expand Canntab's business to the Australian market, which is a very progressive market for the development and sale of marijuana and marijuana products," said Jeffrey Renwick, chief executive officer of Canntab.

Australian joint venture partner obtains import licence

The company's Australian joint venture partner, Queensland Bauxite, and its subsidiary, Medical Cannabis Ltd. (MCL), recently announced that MCL entered into a binding memorandum of understanding with Burleigh Heads Cannabis (BHC), which holds an import licence issued by the Australian Office of Drug Control. Under the terms of the memorandum of understanding, BHC will provide the import and storage services for MCL's international medical cannabis products.

About Canntab Therapeutics Ltd.

Canntab Therapeutics is a Canadian cannabis oral dosage formulation company based in Markham, Ont., engaged in the research and development of advanced pharmaceutical-grade formulations of cannabinoids. Canntab has developed in-house technology to deliver standardized medical cannabis extract from selective strains in a variety of extended-/sustained-release pharmaceutical dosages for therapeutic use.

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