Canntab Therapeutics Limited (CSE:PILL) (OTCQB:CTABF) (FRA:TBF1) announced the impending launch of its suite of hard pill cannabinoid formulations in Australia with its partner CANN Global Limited (ASX:CGB) (FRA:54A).
In a statement on Monday, the Canadian biopharma company which makes a suite of hard pill cannabinoid and terpene blends in multiple doses, said CANN Global, through its management partnership with Medcan Australia Pty Ltd, has received an import permit and has placed an initial order for Canntab's products.
In the meantime, Canntab is applying for an export permit with Health Canada, which will allow it to fulfil the purchase order. The company intends to ship its suite of patented and patent-pending products — THC, CBD and THC/CBD combination hard pill formulations — to CANN Global before the end of 2020. CANN Global will then widely distribute Canntab’s products to medical distributors, doctors, pharmacies, and hospitals in Australia.
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Meanwhile, Applied Cannabis Research (ACR), which focuses on medical cannabis treatments, has launched Australia's largest study for medical cannabis. Canntab, through the pills it supplies to CANN Global Ltd, a direct participant in the study, will get involved in the clinical collaboration with major Australian hospitals to complete the Cannabinoid Medicine Observational Study (CMOS), that will collect data from nearly 20,000 patients over five years.
CMOS aims to assess the safety and effectiveness of medicinal cannabis for a range of conditions — fibromyalgia, chronic pain syndromes, Post-traumatic stress disorder (PTSD), epilepsy and other mental health conditions — using cannabis, including Canntab's hard pills. ACR will lead the study along with key industry partners such as Althea Group Holdings, Cronos Australia, Cymra Life Sciences, Medcan Australia and CANN Global.
"This deal is two years in the making and represents important milestones for our company," Canntab Therapeutics CEO Larry Latowsky said in a statement.
"It is the first of what will be many international alliances and agreements to export our patented products for distribution through our partners' networks, and it is the first observational clinical study that we are confident will support our vision of our product as unique, effective and the preferred cannabinoid delivery system for many medical symptoms and conditions."
The sentiments were echoed by CANN Global.
"We are very excited to progress the launch of Canntab's innovative cannabis-based tablets in Australia which we expect will be very sought-after by doctors who are looking to prescribe pharma-grade medicinal cannabis products to their patients,” said CANN Global managing director Sholom Feldman.
The legal cannabis market is expected to be worth US$1.55 billion by 2024 in Australia, New Zealand and the surrounding islands, with medicinal cannabis accounting for around 40% of the market, according to The Oceania Cannabis Report.
Australia is expected to account for 79% of the region's overall market by 2024, due to its comparably larger population and higher household disposable income than New Zealand and the islands across the region.
Contact the author Uttara Choudhury at [email protected]
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