Mr. Larry Latowsky reports
CANNTAB FULFILLS 80% OF ITS CONTRACT WITH MEDIPHARM LABS CORP.
Canntab Therapeutics Ltd. has completed its second delivery of two additional stock-keeping units ordered by MediPharm Labs Corp. including 12.5-milligram cannabidiol caplets (hard tablets in the shape of capsules) and 25-milligram CBD caplets for approximately $550,000. Canntab has now fulfilled 80 per cent of the purchase amount contracted under the wholesale table purchase agreement entered into by the company and MediPharm Labs in June, 2020.
Further to Canntab's previous announcement on Dec. 1, 2020, the total purchase order was approximately $1.3-million. The first delivery included 2.5 milligrams of tetrahydrocannabinol and five milligrams of THC tablets. The final shipment, which is currently in production and anticipated to be completed by month-end, is for a combination caplet, which contains 25 milligrams of CBD and five milligrams of THC.
"We are very pleased having shipped two more SKUs to Medipharm Labs. Not only will this shipment reflect our second consecutive quarter of revenue, but, more importantly, it also reflects our ability to ramp up our production by now having successfully produced and delivered four unique SKUs including 2.5 mg THC, five mg THC, 12.5 mg CBD and 25 mg CBD hard oral-dose tablets and caplets. We are also excited about Medipharm's distribution capabilities to provincial wholesalers across Canada as well as national retailers. With our production capabilities now ramping, our focus will now be on expanding our sales channels by marketing directly to consumers and the health care community within Canada," states Larry Latowsky, chief executive officer, Canntab.
Canntab is currently evaluating a number of partnering opportunities in Canada, the United States and Europe. Canntab will provide details of these efforts to its shareholders as soon as they become material. Canntab's unique patent technology and know-how is easily exportable to a number of important worldwide markets where the opportunities for commercial expansion are both significant and immediate.
Canntab has filed more than a dozen patent applications in the U.S. and Canada and other jurisdictions for which two have now been granted or allowed. Canntab has developed both patented and patent-pending technologies to deliver standardized medical cannabis extract from selective strains in a variety of extended-release/sustained-release pharmaceutical-grade delivery systems. Canntab has also applied for similar patents in Australia and Europe.
Canntab also intends to prove greater bio-availability of its tablets through a three-way crossover blood level study at a third party clinical research organization. The study will compare, among other important data, capsules from any Canadian licensed producer with the Canntab instant release and extended release tablets. This study is currently in the final planning phase, and Canntab will provide further details on the breadth of the study, timing and results as soon as this information becomes available.
About Canntab Therapeutics Ltd.
Canntab Therapeutics is a Canadian biopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Canntab's proprietary hard pill cannabinoid formulations provide doctors, patients and consumers with medical-grade solutions, which incorporate all the features one would expect from any prescription or over-the-counter medication sold in Canadian pharmacies. These will include the following formulations: once a day and extended release, both providing an accurate dose and improved shelf stability.
Canntab holds a cannabis standard processing and sales for medical purposes licence, a cannabis research licence, and an industrial hemp licence from Health Canada.
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