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Canntab Therapeutics eyes Australian market with joint venture agreement

The company's Australian JV partner recently entered into a binding MoU with Burleigh Heads Cannabis, which holds an import licence issued by the Australian Office of Drug Control

Australia on a globe
Australia is "a very progressive market for the development and sale of marijuana and marijuana products"

Canntab Therapeutics Ltd (CNSX:PILL) has engaged a consultant to advise on its application for a dealer licence in Canada.

Trevor Moore, a veteran of the Canadian medical cannabis industry, has been retained by the company to assist in preparing its application to obtain a Health Canada dealer licence under the Controlled Drugs and Substances Act (CDSA) and its associated regulations.

READ Pot pill maker Canntab Therapeutics debuts on Canadian exchange, shares pop​

Moore has previously helped two licensed producers obtain their licences and is an expert in the areas of quality assurance, regulatory compliance and government relations.

Securing a dealer's licence will allow Canntab to continue with the development of its proprietary products, including the extended-release tablet (XR tablet), and will allow Canntab to manufacture and sell the products in Canada and elsewhere.

Canntab also announced it has entered into a joint venture (JV) agreement with Queensland Bauxite that will see the JV manufacture, distribute and sell Canntab's proprietary products, including its XR cannabis tablets, in Australia. The joint venture may extend to other territories in Asia, Canntab revealed.

Vitacan, a wholly-owned subsidiary of Queensland Bauxite, has agreed to contribute the first US$1mln of capital required by the joint venture.

"We are very excited to expand Canntab's business to the Australian market, which is a very progressive market for the development and sale of marijuana and marijuana products," said Jeffrey Renwick, the chief executive officer of Canntab.

Quick facts: Canntab Therapeutics Ltd

Price: 0.57 CAD

CSE:PILL
Market: CSE
Market Cap: $14.42 m
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