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Heritage Cannabis Holdings Corp
Symbol CANN
Shares Issued 495,636,722
Close 2020-10-29 C$ 0.135
Market Cap C$ 66,910,957
Recent Sedar+ Documents

IntelGenx, Heritage Cann sign CBD film strip deal

2020-10-29 10:05 ET - News Release

See News Release (C-IGX) IntelGenx Technologies Corp

Dr. Horst Zerbe of IntelGenx reports

INTELGENX SIGNS LETTER OF INTENT WITH HERITAGE CANNABIS FOR LONG-TERM CANNABIS FILMSTRIP SUPPLY AGREEMENT

IntelGenx Technologies Corp. has executed a binding letter of intent with Heritage Cannabis Holdings Corp. for the supply of film strip products containing CBD (cannabidiol) for the Canadian and Australian markets.

Pursuant to the letter of intent and subject to entering into a definitive supply agreement and the satisfaction of customary closing conditions, IntelGenx will manufacture film strips containing 10 milligrams of CBD, using its VersaFilm technology, for distribution and sale in Canada and Australia. In addition to receiving a manufacturing margin, IntelGenx will also receive a double-digit royalty on the gross margin based on product sales. Heritage will supply CBD material for IntelGenx's film strip manufacture and supply in Canada and Australia on a non-exclusive and semi-exclusive basis, respectively. The letter of intent contemplates an option on future co-development of CBD and THC (tetrahydrocannabinol) film strips using proprietary technology from both companies, under certain conditions.

The CBD film strips will be produced at IntelGenx's manufacturing facility under Canadian GPP (good production practices) conditions and registered as a product for sale with Health Canada as a cannabis product governed by the Cannabis Act and with the Australian Department of Health's Therapeutic Goods Administration as a medicinal cannabis product governed by the Narcotic Drugs Act.

Dr. Horst G. Zerbe, chief executive officer of IntelGenx, commented, "This LOI further supports the potential of our VersaFilm technology to provide medical cannabis consumers with an alternative, more discreet and convenient administration method, with the possibility of a superior therapeutic profile."

Clint Sharples, chief executive officer of Heritage, commented: "We value this partnership with IntelGenx, given their leadership in developing high-quality pharmaceutical products with their proprietary film strip platforms. This supply deal is a first step in building a long-term relationship to develop high-quality, data-driven and well-tested products for the Canadian and international medical cannabis and hemp markets, including Australia and the United States."

About Heritage Cannabis Holdings Corp.

Heritage Cannabis is a vertically integrated cannabis provider that currently has two Health Canada-approved licensed producers through its subsidiaries, Voyage Cannabis Corp. and CannaCure Corp., both regulated under the Cannabis Act Regulations. Working under these two licences, Heritage has two additional subsidiaries: Purefarma Solutions, which provides extraction services, and a medical services division, which is focused on cannabis-based medical solutions. In the United States, Heritage operates under Opticann Inc., a Colorado-based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG (cannabigerol) products made with the patented VESIsorb drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.

About IntelGenx Technologies Corp.

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx's superior film technologies, including VersaFilm and VetaFilm, as well as VevaDerm, its transdermal development and manufacturing capabilities, allow for next-generation pharmaceutical products that address unmet medical needs. IntelGenx's innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.

IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including research and development, analytical method development, clinical monitoring, intellectual property and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot-scale and commercial-scale production.

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