Proactive Investors - Run By Investors For Investors

Canntab Therapeutics hits new milestone with hemp-processing licence from Health Canada

Canntab intends to use the licence to secure large amounts of hemp biomass that it will use to extract cannabidiol (CBD) to manufacture cannabis pills
cannabis pills
Canntab's oral delivery system treats different ailments by delivering a uniform dosage of medicinal cannabis extract

Canntab Therapeutics Limited (CSE:PILL.CN) (OTCMKTS:CTABF) has received a cultivation licence from Health Canada in a major milestone for the cannabis company.

The licence allows Canntab to cultivate industrial hemp. Canntab intends to use the licence to secure a large amount of hemp biomass that it will use to extract cannabidiol (CBD) to manufacture cannabis hard pills.

Canntab shares gained 10% on Tuesday morning at C$0.77 on the Canadian Securities Exchange, and at US$0.57 on OTC markets.

READ: Canntab Therapeutics edges closer to revenue generation after FSD Pharma granted sales license

In addition, the Toronto-based company secured two properties in Saskatchewan and Ontario where it plans to grow and cultivate hemp. The properties have a combined total capacity of 560 acres for Canntab to cultivate high-quality hemp. In addition to extracting CBD, Canntab will also conduct research on high CBD hemp varieties as a complement to its plan of manufacturing CBD gel capsules.

Canntab CEO Jeff Renwick called the news “another important milestone” for the company. 

“We have now ensured a security of raw materials that we need for not only our oil filled gel capsules but ultimately our hard pill dosage forms," he said in a statemnt. "We also intend to apply for a Cannabis Drug License that will enable Canntab to conduct further research into making medical claims and develop and manufacture pharmaceutical grade cannabis derived dosage forms in a GMP environment.”

Canntab also provided an update on its application to obtain a cannabis processing and sales licence from Health Canada for its Markham, Ontario facility. Once it receives its processing licence, Canntab intends to leverage both its Markham facility and its Coburg, Ontario facility for ongoing research and development, manufacturing and distribution through a network in Canada, Australia and Mexico.

The Coburg facility is operated through a strategic partnership with FSD Pharma Inc (CSE:HUGE).

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full PILL profile View Profile

Canntab Therapeutics Ltd Timeline

Related Articles

windmill
May 08 2019
TGOD has been busy building out its facilities in Ontario, Quebec, and Jamaica and expects to reach combined production of 219,000 kilograms of cannabis around 2021
cannabis leaf
May 09 2019
The company plans to leverage its portfolio of brands as well as its distribution network of more than 39,000 European pharmacies to maximize margins and profitability
cannabis extract
January 17 2019
The Kelowna, BC-based cannabis company specializes in the research, development, production, and testing of high-quality cannabis extracts and oils

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use