Canntab Receives Medical Sales Licence from Health Canada
TORONTO, Nov. 11, 2021 /CNW/ - 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 received its medical sales license from Health Canada for its Markham, Ontario facility, enabling the sale of all products directly to medical consumers.
The amendment marks the final regulatory step required to launch the company's direct to consumer website, allowing patients across Canada to order online the unique patented exact dosage hard tablets and caplets of THC and CBD in various strengths. Exact dosing is a key element in the Canntab offering in addressing the needs of the medical community.
Larry Latowsky, Canntab's CEO, stated, "The sales amendment is the most significant milestone to date for our company, and provides Canntab with the legal ability to aggressively move forward with our business plan and full commercialization of our brand and products." Mr. Latowsky added that, "Our web site (www.canntab.ca) and e-commerce focus will be the primary vehicle in generating sustained and growing revenue. We have been hard at work in soliciting and preparing our many affiliate partners in anticipation of this day for the past many months and look forward to providing essential medical product to their significant groups of customers. Affiliates across Canada like pharmacy groups, health and wellness practitioners, sleep and pain clinics and other medical professionals will now be able to recommend or prescribe our product and be fully compensated.".
Mr. Latowsky further added that, "Over the next several weeks, we expect to announce many partnerships that will extend to a large percentage of the Canadian population to provide specific programs from opiate alternative solutions to general health and wellness programs, as well as the Ontario Cannabis Store and other provincial authorities. A lot of hard work went into achieving this significant milestone and being approved as the first Canadian hard pill THC and CBD medical provider speaks to the dedication of our team and to the patience of our investors as we now move forward to create value for all stakeholders providing solutions for patients across the country."
Options Granted
Canntab has granted, in accordance with the Company's stock option plan, an aggregate of 120,000 options to purchase common shares of the Company to two (2) consultants of the Company. Each consultant received 60,000 options. Each option is exercisable at a price of $0.80 per share for a period of two years, expiring November 9, 2023.
OCS Order Schedule
The Company's initial order to the Ontario Cannabis Stores ("OCS") scheduled for November, has been rescheduled for January with additional product scheduled for March.
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.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to launch its direct to consumer website; the Company's ability to generate sustained and growing revenue; the recommendation of the Company's products by healthcare professionals; the announcement of partnerships; the ability of those partnerships to give the Company access to a large percentage of the Canadian population; the ability of the Company to complete the initial order with the OCS; and the ability of the Company's products to carry out the enumerated functions.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of the Company's products; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the cannabis and pharmaceutical industries in general; increased competition in the cannabis and pharmaceutical markets; the potential future unviability of the Company's products; risks associated with potential governmental and/or regulatory action with respect to the cannabis products; risks associated with a potential collapse in the value of cannabis products; risks associated with the Company's ability to continue generating a profit; the inability of the Company to launch its direct to consumer website; the Company's ability to generate sustained and growing revenue; risks that the Company's products will not be adopted and/or recommended by healthcare professionals; the inability of the Company to execute partnerships; the inability of the Company to access to a large percentage of the Canadian population through the execution of partnerships; the inability of the Company to complete the initial order with the OCS; and risks that the Company's products may not carry out the enumerated functions.
Readers are cautioned that the foregoing list 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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Canntab Therapeutics Limited
Canntab Therapeutics Limited, Larry Latowsky, Chief Executive Officer, +1 833 301-3812, [email protected]; Richard Goldstein, Chief Financial Officer, +1 833 301-3812, [email protected]
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