Callitas Health Inc (CSE:LILY) (OTCQB:MPHMF) updated investors Thursday about good news received from the US Patent and Trademark Office in regards to its application for a new patent on a new oral “candy” that delivers tetrahydrocannabinol (THC) and cannabidiol (CBD) through oral absorption.
US regulators have delivered a notice of allowance, which means this patent is pending as the US Patent and Trademark Office determined that a patent can be granted from Callitas’s patent application, which was filed back in November of 2018.
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"This recent Notice of Allowance positions Callitas as an even stronger innovator in the cannabis pharma delivery & consumer goods markets, protecting a new and very exciting technology," said James Thompson, CEO of Callitas, in a statement. "This patent Notice of Allowance, along with our other pending patent applications in our cannabis pharma delivery and consumer goods portfolio, combined with our newly developed and expanding partnerships in the cannabis space is expected to create significant value for our shareholders."
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This notice of allowance for the new technology is one of a group of patent-pending technologies the company acquired in October of 2018 from Dr. Ronald Thompson.
The company signed an agreement to obtain this portfolio of patents in exchange for a royalty on sales for sold products which cover various cannabis delivery technologies.
"Each new patent granted and licensed takes Callitas to the next level in the cannabis industry, showing the company's legitimacy and strength in creating and producing cannabinoid delivery products," said Callitas’s chief medical cannabis Advisor Dr. Gregory Smith, in a statement.
Callitas is a well-diversified health and wellness company with a large portfolio. It is developing remedies across five silos: OTC sexual health & wellness, prescriptions for female sexual health, weight management, cannabis delivery technologies and orphan drugs.
Callitas shares were trading at US$0.094 in over-the-counter trading on Thursday afternoon.
Contact Ellen Kelleher at [email protected]