Canntab Therapeutics Limited (CSE:PILL) (OTCMKTS:CTABF) announced plans to appoint pharmaceutical executive Larry Latowsky to its board of directors.
Latowsky will take on the role of executive chairman of the cannabis pill manufacturer, it said in a statement Friday.
“Over the past several months as an advisor I have realized my decision to associate with the right company in this space has been confirmed,” Latowsky said in a statement.
The incoming chairman previously served as the CEO of Katz Group Canada, which owns and operated a network of leading pharmacies across Canada.
The appointment is subject to Health Canada approval, of which Latowsky is in the process of obtaining.
Canntab CEO Richard Goldstein said that the company plans to have Latowsky lead the commercialization strategy with an emphasis on distribution channels around the world.
For his part, Latowsky said he was “excited” to join the team at the Toronto-based biopharmaceutical company.
"The experienced people, the cost-conscious philosophy and approach, the utilization of resources and above all the unique differentiated offering is in my opinion a balanced recipe for success for all stakeholders,” he told investors.
“As an experienced director and chair I am very excited to lead Canntab as executive chairman to guide strategic direction that will ultimately lead to increasing shareholder value."
The company also announced plans to issue 500,000 warrants to Latowsky exercisable at C$0.60 per share until March 4, 2025.
Issuance of the replacement warrants is subject to Latowsky's agreement to cancel an equivalent number of common share purchase warrants exercisable at a price of C$1 per share. The replacement warrants will be subject to a vesting schedule, with 100,000 vesting on the date of issuance, 200,000 vesting on the first anniversary, and 100,000 vesting on each of the second and third anniversaries of issuance, Canntab said.
The company manufactures and distributes a suite of hard pill CBD formulations in multiple doses and time-release combinations.
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