Canntab Therapeutics files to become licensed producer under medical purposes regulations

Pot-pill developer Canntab Therapeutics Limited (CSE:PILL) says its application to become a licensed producer under the  Access to Cannabis for Medical Purposes Regulations (ACMPR) has been received by Health Canada.

The license, if granted, would allow the company to process cannabis products at its current production facility in Ontario with minimal additional capital expenditures compared to a new purpose-built facility.

“We are excited to announce, as we enter into a new era of legalization, that Canntab has submitted its application to Health Canada to become a licensed producer,” said Jeff Renwick, the CEO and director of Canntab.

“This is another step that enables Canntab to further diversify its manufacturing and distribution capabilities towards a world-wide rollout of its suite of precision oral dose delivery platforms for cannabis-based products,” he added.

Earlier this month, the company announced a new tie-up with Colombian group NewCanna SAS, which will allow it to sell the former’s products in Colombia, Chile, Paraguay and Spain.

The letter of intent (LOI) will grant NewCanna the right to sell and distribute certain of Canntab’s exclusive proprietary products, and the right to use its knowledge and patents.

“We welcome this key development in our business plan and the opportunity to rapidly expand into the many potential markets for Canntab products worldwide,” Renwick had said.

“The wide variety of NewCanna’s cannabis strains will give us access to a full range of Cannabinoids and terpenoids to further our development pipeline.

“In conjunction with, our recently announced relationship with FSD Pharma and with our progressing work with Emblem Cannabis Corporation, I believe Canntab is poised to be the world leader in pharmaceutical grade, standardized tablet dosage of medicinal cannabis.”

Canntab Therapeutics shares eased  1.75% to stand at $1.68 each.

Story by ProactiveInvestors