Canntab receives processing, sales licences and closes $3.08M offering
The cannabis firm's CEO says it is now in a position to move into full-scale manufacturing and distribution
TORONTO — Canntab Therapeutics Ltd., a manufacturer of cannabinoid and terpene blends in hard pill form, announced Feb. 28 that it successfully received its standard processing and sales for medical purposes licences from Health Canada.
“We are now in a position to move into full-scale manufacturing and distribution of our next generation of biopharmaceutical cannabinoid solutions. We plan to roll out new brands and products for sale, starting this summer,” said Jeff Renwick, CEO at Canntab, in a prepared statement. “Canntab intends to be the first to bring timed-release cannabinoid hard pills to market in Canada.”
The firm also closed the first tranch of its non-brokered private placement stock offering for total gross proceeds of $3.08 million. The firm says it anticipates closing an additional tranche to raise total gross proceeds of up to $4 million.
Proceeds of the financing will be used to begin manufacturing at Canntab’s Markham, Ont., facility, and to launch products across Canada and the United States, according to the firm.