Canntab Receives Export License Approval from Health Canada
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TORONTO, March 30, 2021 /PRNewswire/ - Canntab Therapeutics Limited (CSE: PILL.CN) (OTCQB: CTABF) (FRA: TBF1.F) (the "Company" or "Canntab"), a leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic applications, is pleased to announce that Health Canada has granted the company an Export License.
Further to an announcement made on March 9, 2021, Canntab can now fulfill the purchase order received from Cann Global Limited ("Cann Global"). The initial purchase order of $406,200 with Cann Global includes 6 SKUs comprised of 2.5 mg THC, 5 mg THC, 12.5 mg CBD, 25 mg THC, and combined caplets (a hard coated tablet in the shape of a capsule) with 5 mg THC/25 mg CBD and 2.5 mg THC/12.5 mg CBD. The products ordered by Cann Global are expected to be distributed throughout Australia to medical distributors, including doctors, pharmacies, and hospitals.
Larry Latowsky, CEO of Canntab said "We are delighted to have received Health Canada's export approval to enable us to meet our Australian partners' orders in the immediate future. This is the first export order for us and we look forward to many more orders, not only from Cann Global, but from other international partners as they recognize the unique patented product offerings of Canntab. Our order to Australia also enables us to participate in one of the largest medical cannabis studies being conducted globally, and furthermore, we have engaged with Cann Global to begin the necessary work and development to undertake clinical blood studies specifically for measuring the efficacy of our immediate and extended-release products, which we hope to conclude by the end of the summer, our third quarter."
Canntab to Participate in Australia's Largest Observational Medical Cannabis Research Study
Cann Global is also expected to make the products which it receives from this order available to the Cannabinoid Medicine Observational Study ("CMOS"). CMOS intends to collect data from 20,000 participants nationwide in order to assess the safety and efficacy of medicinal cannabis products for a range of refractory conditions, including fibromyalgia, chronic pain syndromes, PTSD, epilepsy and other mental health and neurological conditions using cannabis and including Canntab's Hard Pill Cannabinoid Formulations.
About Cann Global Limited
Cann Global Limited is an Australian public company listed on the Australian Stock Exchange (ASX: CGB) and is a driving force in the hemp and medical Cannabis industries. Cann Global's strength comes from its team's core competencies and expertise, and solid and strategic partnerships with experts in Australia, USA, Israel, Asia and Canada. Cann Global are working under the relevant Australian legislation to ensure that the future in medical cannabis and natural foods will allow medical practitioners, patients, and consumers to gain access to the right information, as well as the safest, most effective and sustainable products. Cann Global also has a keen focus on innovation and the pursuit of medical advancement through vital research into the safe use of cannabis for patients, which has the potential to deliver significant upside for shareholders.
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. 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 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 License, a Cannabis Research License, and an Industrial Hemp License from Health Canada.
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.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions. Forward-looking statements in this release include but are not limited to the following: (i) Cann Global making available the Company's products to the CMOS; (ii) the Company's intention to undertake clinical blood studies for measuring the efficacy of its immediate and extended-release products (including the timing of the conclusion thereof); (iii) the distribution of the Company's products throughout Australia on the terms and conditions described in this release; and (iv) certain details regarding the Company's anticipated product formulations and/or the Company's ability to meet its partners' orders in the future. Forward-looking statements in this release are based on assumptions which included but are not limited to the following: (i) the management of the Company proceeding with the Company's business plans on the timelines and terms presently anticipated; (ii) the Company having the financial and labour resources necessary to complete the requisite shipment(s) to Australia; (iii) the Company's ability to create formulations on the terms described in this release; and (iv) the Company continuing to maintain its Export Licence from Health Canada in good standing. While Canntab considers these assumptions to be reasonable, based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with delays in fulfilling purchase orders, general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the medical and recreational cannabis industry in Canada and internationally in general, income tax and regulatory matters, the ability of Canntab to execute its business strategies, competition, crop failure, currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing is not exhaustive.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. In particular, such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not a guarantee of future performance. Except as required by applicable securities laws, Canntab disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. The forward- looking statements contained in this news release are expressly qualified by this cautionary statement.
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SOURCE Canntab Therapeutics Limited
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