Canntab Therapeutics Limited (CSE:PILL.CN) (OTCMKTS:CTABF) said Thursday that it has inked a pact with Heritage Cannabis Holdings Corp (CSE:CANN)(OTCQX:HERTF) for processing hemp for sale of CBD filled gel capsules.
Canntab has a Health Canada license to cultivate industrial hemp that it uses to extract cannabidiol (CBD) to manufacture cannabis pills.
According to the term sheet, Canntab will provide hemp to Heritage's subsidiary Purefarma Solutions for the purpose of processing that hemp into high quality CBD oil.
The agreement will begin immediately and is open-ended, non-exclusive and subject to a 120-day cancellation notice by either party.
Strategic deal to spur growth
“This agreement with Canntab is a strategic fit for our growth as a contract service provider. It aligns with our vision to operate in final product verticals and advances our offering in the medical cannabis sector,” said Heritage Cannabis Holdings CEO Clint Sharples. “Purefarma’s extraction expertise and ability to provide quality oil is a good match for the high expectations that Canntab has for the products they will be bringing to market.”
Canntab's oral delivery system treats different ailments by delivering a uniform dosage of medicinal cannabis extract.
"After recently announcing the receipt of our cultivation licence for industrial hemp from Health Canada, we are immediately entering into important agreements to generate both short term and sustained revenue for the company,” said Canntab co-founder and CEO Jeff Renwick. “Our ability to encapsulate allows us to generate revenue without losing our long term focus on becoming the leading supplier of hard pill oral dose cannabinoid and terpene blends in the world."
Contact Uttara Choudhury at [email protected]