Canadian company, Canntab Therapeutics Limited, announced the signing of a non-binding Letter of Intent with Labsco Promedic SA de CV of Monterrey, Mexico (“Labsco”) for the establishment of a joint venture relationship for the sales & distribution of Canntab products in Mexico on an exclusive basis. Both parties will work together to establish and complete a formal joint venture relationship for an initial period of five years.
According to the document, Labsco will be responsible for funding and obtaining any and all regulatory, licensing or other such approvals for the importation and distribution of Canntab products in Mexico along with the distribution of Canntab.
Canntab will license their product exclusively to Canntab but continue to produce the product in their Canadian facility. Both companies believe the formal agreement can be reached by the end of the year.
“Following several months of discussion including introductory due diligence, we are pleased to welcome Labsco and their team to the Canntab family. We are excited about the potential for our sustained release tablet formulations of cannabinoids in the Mexican market,” said Jeff Renwick, Canntab CEO.
“Following our recently announced application to Health Canada to become a Licenced Producer under the ACMPR, and along with our production facility in collaboration with FSD Pharma, Canntab is building a significant international distribution network for its products. Labsco is the newest addition to this developing line of business for Canntab”.
Canntab Therapeutics Limited is a Canadian cannabis oral dosage formulation company based in Markham Ontario, engaged in the research and development of advanced pharmaceutical grade formulations of cannabinoids.
Canntab has developed patent-pending technology to deliver standardized medical cannabis extract from selective strains in a variety of extended/sustained release pharmaceutical dosages for therapeutic use. In doing so, Canntab has developed a suite of precision oral dose products that are unavailable elsewhere in the marketplace.
Canntab’s primary focus is on providing cannabis-based products to medical professionals that can be used to deliver therapeutic treatments to their patients.