Pisd
2 years ago
Canntab Announces Corporate Update
6:30 am ET November 22, 2022
TORONTO, ON / ACCESSWIRE / November 22, 2022 / Canntab Therapeutics Limited (CSE:PILL)(OTCQB:CTABF)(FRA:TBF1) (the "Company" or "Canntab") a leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is providing an update on several matters impacting the Company.
Over the past number of months, Canntab has undertaken a strategic review of its domestic operations in the context of the global market. The Company's conclusion, which was first communicated in the Company's MD&A for the year ended May 31, 2022 filed under its SEDAR profile on September 28, 2022, was that in the absence of a complete pivot away from our core competencies into a crowded consumer market for pre-rolls and vaporizer devices, focusing exclusively on tablet manufacturing for the domestic market is not financially viable and the Company was repositioning its production capabilities to a small batch special order basis and management was focusing its business development efforts to establish licensing partners in non-Canadian markets to exploit the valuable patents held by the Company.
On November 17, 2022, Canntab received a notice from its landlord indicating that the lease for Canntab's Markham manufacturing site will not be extended. The lease expires on December 31, 2022. Despite the Company's long tenure at the Markham location, the landlord has declined to extend Canntab's lease. Canntab has contacted Health Canada to engage in discussions to determine how Canntab may retain its various Cannabis licenses held by the Company.
Mr. Goldstein, Co-Founder, CFO, and interim CEO of the Company stated, "Canntab has already begun the process of contacting several other Canadian license holders with the intent of moving approximately $600,000 of Cannabis inventory to other licensed facilities made up primarily of finished bottled products, bulk tablets, and some cannabis distillate. Canntab expects to realize ongoing revenues from this asset."
Canntab will also immediately seek to move its production, testing and manufacturing equipment to establish its tablet manufacturing process at another licensed facility in Canada or elsewhere.
The Company as previously stated in its annual report and recent MD&A discussions, had already been pursuing a new strategy of focussing on international licensing arrangements coupled with a royalty regime based on its proprietary and patented technologies.
Canntab received its 4th issued patent and 2nd in Australia on October 6, 2022, entitled "Modified release multi-layer cannabinoid formulations". Canntab anticipates receiving a similar patent approval sometime in 2023 in both the USA and Canada. Canntab's intention is to license its proprietary technologies to other parties that will manufacture our tablet formulations in their respective jurisdictions. Canntab intends to transfer the technology and know-how to each licensed entity and discussions spanning several months are well underway with arm's length third parties in Europe, Scandinavia, Africa, Australia, South America and the United States.
In addition, Canntab is speaking with privately owned cannabis companies who are looking to secure liquidity through the public markets or otherwise grow their businesses in a merger transaction.
Mr. Goldstein added, "We will no longer need to spend the money necessary to maintain Canntab's licensing status at the Markham facility which has not proven to be profitable. We can now operate in a very low overhead environment and focus on licensing and monetizing our intellectual property."
About Canntab Therapeutics Limited
Canntab is a Canadian phytopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Long referred to as Cannabis 3.0 by the Company, 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 pharmacies around the world. These include once a day and extended-release formulations, both providing an accurate dose and improved shelf stability.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes License and a Cannabis Research License.
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
For more information, please contact:
Canntab Therapeutics Limited
Richard Goldstein
Chief Financial Officer &
Interim Chief Executive Officer
+1 833 301-3812
richard@canntab.ca
MjMilo
5 years ago
Canntab Therapeutics
For Immediate Release
2020_06_02
CANNTAB AND MEDIPHARM LABS ENTER INTO A WHOLESALE TABLET PURCHASE AGREEMENT
TORONTO, June 2nd, 2020/ – Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab“), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is pleased to announce that it is today beginning production of its instant release tablets and has already entered into its first purchase agreement with MediPharm Labs (“MediPharm”) (TSX:LABS)(OTCQX: MEDIF)(Deutsche Borse: MLZ), a global leader in pharma quality cannabinoid based products.
Canntab received its first order under the agreement today, and the value of the full agreement will exceed $1 million. Orders under the agreement will be composed of a mix of Canntab’s proprietary instant release tablets delivering THC, CBD and a combination of THC/CBD in 12 different strengths. MediPharm will purchase and distribute cannabis products on a non-exclusive basis across Canada, through licensed provincial dispensaries.
The exact value of shipments under the agreement will be determined no later than June 30, 2020 and will depend on the final concentrations of Canntab’s instant release tablets chosen by MediPharm.
Canntab has already filed its 60 day notice for approval to sell this line of products with Health Canada and expects that its tablets will be available for sale in the early summer. Canntab is currently the only company in Canada capable of delivering THC, CBD and/or any combination THC/CBD in pharmaceutical grade tablets or hard pills.
Jeff Renwick, CEO of Canntab said “we are very excited and pleased to have achieved this major milestone in our short history as a company. We are especially pleased to have accomplished this major milestone in the face of the Covid-19 Pandemic which has caused major uncertainty and disruption in world markets, including, Canada. Canntab has continued to work diligently to build shareholder value during this crisis as we are designated an essential business. Signing our first purchase order with a quality partner having a global reach such as MediPharm is simply the tip of the iceberg for Canntab.”.
“We’re pleased to be working with Canntab who are leading the way in manufacturing innovative cannabis based tablets,” said Pat McCutcheon, Chief Executive Officer, MediPharm. “With MediPharm’s robust supply chain and established distribution channels, we are excited to roll out novel high quality tablet products in the coming months to medical and adult-use consumers across Canada.”
Canntab has filed 13 patents in Canada and United States that cover a range of processes and formulations that it uses to create its precision oral delivery hard tablets, the future of medical cannabis. These patents include Canntab's proprietary nano-emulsification technology, granulation process, methods of manufacturing, and covers its full line of precision oral delivery hard tablets including; Instant (Immediate) Release Tablets, Extended Release Tablets, Oral Dissolvable Tablets and Bi-Layered (Modified Release) Tablets. Canntab has also filed a patent for an exclusive formulation of THC and CBD for the treatment of opioid addiction treatment therapy.
About Canntab Therapeutics
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. The future of medical cannabinoid solutions.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Additionally, Canntab through its wholly owned American subsidiary is in the process of establishing a CBD manufacturing and distribution business in Florida, USA.
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
For further information:
Canntab Therapeutics Limited
Jeffrey Renwick
Chief Executive Officer
+1 833-301-3812
jeff@canntab.ca
Richard Goldstein
Chief Financial Officer
+1 833-301-3812
richard@canntab.ca
MjMilo
5 years ago
Canntab Therapeutics
For Immediate Release
2020_05_15
Canntab Appoints Joshi Laxminarayan as Chief Scientific Officer
TORONTO, May 15th, 2020/ – Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab“), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is pleased to announce the appointment of Joshi Laxminarayan as Chief Scientific Officer (CSO). In his role as CSO, Mr. Laxminarayan will be responsible for directing Canntab’s strategic research and partnership program, and overseeing the Company’s ongoing manufacturing and distribution operations.
Mr. Laxminarayan is a pharmaceutical scientist with a successful history of bringing to market a number of pharmaceutical drugs throughout a career spanning over 25 years. Mr. Laxminarayan began his career in India, as a bench chemist, and most recently acted in a consultant role to the Company, as Director of Quality Assurance & Quality Control, where he assisted with the research and development needed to formulate the Company’s current product line. His expertise in nano emulsion, extended release, and poorly soluble drug development, has played a crucial role in the Company’s research and development with respect to cannabis oil inputs.
“Joshi has played an integral part in helping Canntab strengthen its competitive position and relevance, and distinguish itself in the pharmaceutical industry. His appointment as CSO is expected to evolve as we continue manufacturing, into a position where he can oversee not only our ongoing Research & Development, but also our day to day manufacturing and distribution operations,” explains Jeff Renwick, Co-founder and CEO of Canntab. Mr. Renwick continues, “As Canntab enters the next phase of its growth, Mr. Laxminarayan will be invaluable to our continued success, driving us closer to our goal of being the world leader in solid oral dose therapeutic cannabis solutions.”
About Canntab Therapeutics
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 & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Additionally, Canntab through its wholly owned American subsidiary is in the process of establishing a CBD manufacturing and distribution business in Florida, USA.
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
For further information:
Canntab Therapeutics Limited
Jeffrey Renwick
Chief Executive Officer
+1 833-301-3812
jeff@canntab.ca
Richard Goldstein
Chief Financial Officer
+1 833-301-3812
richard@canntab.ca
MjMilo
5 years ago
CANNTAB CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FOR AGGREGATE PROCEEDS OF $3.7M
TORONTO, March 16th, 2020 – Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the “Company” or “Canntab“), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the “Private Placement“) by issuing 1,291,000 units (“Units“) at a price of $0.50 per Unit for gross proceeds of $645,500. Together with the funds raised under the first tranche of the Private Placement, the Company has received total gross proceeds of $3,725,500 under the Private Placement.
“With the gross proceeds from this financing we now have the capital to completely implement our business plan. “Raising significant equity during these extraordinary market conditions coupled with the inherent recent challenges in the Cannabis space in particular is a testament to the level of interest which exists in the future of Canntab”” explains Richard Goldstein, Co-founder & Chief Financial Officer of Canntab. Mr. Goldstein concludes, “we began as a pharmaceutical company more than a decade ago, and we will continue to operate as a pharmaceutical company producing the most advanced medical cannabis solutions.”
Closing the Final Tranche
The Private Placement was previously announced on February 6, 2020. Pursuant to the closing of both tranches of the Private Placement, Canntab has issued 7,451,000 Units for gross proceeds of $3,725,500. Each Unit consists of one common share (a “Common Share”) and one full warrant (a “Warrant”) to acquire an additional common share at a price of $0.75 per share for a period of 24 months.
In connection with the Private Placement, the Company paid fees to a syndicate of registrants that were comprised of cash fees of $228,095 and issued 456,190 finder’s warrants, which each entitle the holder thereof to purchase one Common Share at a price of $0.50 for a period of 24 months.
About Canntab Therapeutics
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 & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Additionally, Canntab through its wholly owned American subsidiary is in the process of establishing a CBD manufacturing and distribution business in Florida, USA.
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
For further information:
Canntab Therapeutics Limited
Jeffrey Renwick
Chief Executive Officer
+1 833-301-3812
jeff@canntab.ca
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Ask ADVFN Intelligence (AI)
BesaoT35
4 years ago
JackAskSlap
5 years ago
Hot Features
Premium
