Canntab enters $1M purchase agreement with MediPharm

The company says it has filed 13 patents in the US and Canada for its proprietary cannabis tablets

anadian biopharmaceutical company Canntab Therapeutics Limited (CSE: PILL.CN) is starting to produce and sell its proprietary medical cannabis tablets.

In a statement Tuesday, Canntab said it’s beginning production of its instant release tablets and has entered into its first purchase agreement with MediPharm Labs (TSX: LABS), one of Canada’s leading extraction companies.

Read more: MediPharm blames slow cannabis 2.0 rollout for Q4 revenue drop

Stock in the company rose nearly 10 per cent on the day, to $1.07 on the Canadian Securities Exchange.

According to the statement, Canntab said it received its first order Tuesday and the full agreement has a value of more than $1 million. Orders under the agreement will be a mix of the company’s proprietary instant release tablets with various combinations of THC and CBD in 12 different strengths.

Canntab says the exact value of the agreed-upon shipments will be determined by June 30, 2020, and will depend on the concentrations of its tablets chosen by MediPharm.


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