Proactive Investors - Run By Investors For Investors

Canntab Therapeutics shares nudge higher as latest quarterly results show surge in revenue

The company is developing advanced pharmaceutical grade formulations of cannabinoids
Canntab Therapeutics shares nudge higher as latest quarterly results show surge in revenue
The company is developing advanced pharmaceutical grade formulations of cannabinoids in pill form

Canntab Therapeutics Ltd (CSE:PILL) shares nudged higher in Toronto Friday as it posted its latest quarterly results, as revenue surged on the back of license fees other income.

Revenue from interest income and licence fees for the three months ended August 31 was $31,795 versus $682 in the same quarter a year ago.

The company ended the quarter with cash of $3.4 million, having invested $125,000 on equipment and intangible assets, as it continues in its development of cannabis pills.

READ: Canntab Therapeutics shares higher as pot pill firm enters Mexico market

In keeping for a company at this stage of early development, the quarterly loss was $446,856 versus a loss of $211,602 in the same quarter last year.

The company is developing advanced pharmaceutical grade formulations of cannabinoids and has developed technology to generate medical cannabis extract from selective strains in a variety of pharmaceutical dosages.

Last month it applied to become a licensed producer under Canada's medical purposes regulations.

It also revealed it was poised to enter the medicinal cannabis market in Mexico after signing a non-binding Letter of Intent (LOI) with Labsco Promedic SA de CV of Monterrey, Mexico over a joint venture for an initial period of five years.

Among the agreements, Labsco shall be responsible for funding and obtaining any regulatory, licencing or other such approvals for importing and distributing Canntab products in Mexico and will provide physical premises.

Canntab will license current patents and know-how, subject to completion of the deal.

Shares in Toronto added 2.29% to stand at $1.34.

Reporting by Giles Gwinnett

[email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full PILL profile View Profile

Canntab Therapeutics Ltd Timeline

Related Articles

1541165310_canadian-flag-1.jpg
November 02 2018
Back Home Medical Cannabis Corp has agreed on a 24,000-kilogram three-year production and supply agreement
medicinal cannabis concept
January 30 2019
Zelda has released its December quarterly report confirming multiple trials are on track.
1540909388_Marijuana-stethoscope.jpg
October 30 2018
The firm wants to become the first publicly listed, globally focused, pure cannabis company
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use