- Cannabis companies, Canntab Therapeutics (CSE:PILL.CN) and MediPharm Labs (TSX:LABS) have entered a cannabinoid tablet purchase agreement
- Through the agreement, MediPharm Labs will buy and distribute Canntab’s instant release, hard pill, cannabinoid tablets in Canada
- The full agreement between the companies will exceed C$1 million in value
- Canntab Therapeutics is up 11.22 per cent, and is currently trading for $1.09 per share
- MediPharm Labs is down 0.56 per cent, and is currently trading for $1.76 per share
Cannabis companies, Canntab Therapeutics (CSE:PILL.CN) and MediPharm Labs (TSX:LABS) have entered a cannabinoid tablet purchase agreement.
Canntab received the first order of the agreement today, and started production of its instant release, hard pill, cannabinoid tablets. The company’s tablets deliver THC, CBD, and a combination of both in twelve different strengths.
Through the agreement, MediPharm Labs will non-exclusively buy and distribute Canntab’s cannabis products in Canada.
The full purchase agreement between the two companies will exceed C$1 million in value. The exact value of shipments will be determined by June 30, and will depend on which concentration tablets MediPharm chooses.
Canntab has already filed a 60-day notice for approval with Health Canada, to allow the company to sell the products. The company expects that its tablets will be available for purchase in the early summer.
Canntab’s CEO, Jeff Renwick, said that the company was excited to achieve such a major milestone in its short history.
“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 with a global reach such as MediPharm is simply the tip of the iceberg for Canntab,” he said.
MediPharm’s CEO, Pat McCutcheon, also commented on the purchase agreement.
“We’re pleased to be working with Canntab who are leading the way in manufacturing innovative cannabis based tablets.
“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,” he said.
Canntab Therapeutics is up 11.22 per cent, and trading for $1.09 per share, as of 1:32pm EDT.
MediPharm Labs is down 0.56 per cent, and trading for $1.76 per share, as of 1:16pm EDT.