Canntab Therapeutics Limited (CSE:PILL) (OTCMKTS:CTABF) is eyeing near term revenue from its cannabis oil gel capsules as it continues to work towards bringing the product to market, it told investors Wednesday.
In a corporate update, the group said it would start manufacturing commercial batches of oil-filled gel capsules at its facility in Ontario and request Health Canada approval to begin full scale production and sale.
In Toronto, Canntab shares were just over 3% higher at $0.50 having been 9.3% higher earlier.
READ: Canntab Therapeutics inks pact with Heritage Cannabis for processing hemp for CBD-filled gelcaps
Elsewhere, the Toronto-based company said that most of the construction has been completed at its wholly-owned Ontario facility for the purpose of preparing for a Health Canada inspection. This is the final step before the granting of key 'Licenced Producer' status.
"We are excited to enter this new phase in our development, with manufacturing beginning in the Cobourg facility and construction nearing completion in Markham, we are taking the final steps necessary to bring our products to market," Jeff Renwick, the co-founder and CEO of Canntab Therapeutics said in a statement.
"Oil-filled gel capsules will represent the first stream of revenue for Canntab before we are able to launch our flagship hard tablet products in October, pending Health Canada approval. Our line of solid oral dosage forms with timed release properties is expected to be the future of medical cannabis," he added.
Elsewhere, the firm said cultivation at its hemp farm in Caledon, Ontario was advancing with established plants that have thrived in an excellent growing season.
The group noted that harvesting will begin next week and continue until the end of the season, which is at the beginning of October.
Canntab also revealed it has hired an experienced pharmacist and drug formulation specialist Erin Kofman who will assist with its application to Health Canada for approval of the firm's various dosage forms.
Canntab's product list includes oil-filled gel capsules, an oral quick dissolve tablet and an extended release solid oral formulation.
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