TORONTO--(BUSINESS WIRE)--Heritage Cannabis Holdings Corp. (CSE: CANN)(OTCQX: HERTF) (“Heritage” or the “Company”), today announced that it has executed a binding letter of intent (“LOI”) with IntelGenx Corp. (TSXV:IGX)(OTCQB:IGXT) ("IntelGenx"), a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, for the supply of filmstrip products containing CBD (“CBD Filmstrips”) for the Canadian and Australian markets.
Pursuant to the LOI and subject to entering into a Definitive Supply Agreement and the satisfaction of customary closing conditions, IntelGenx will manufacture filmstrips containing 10 mg of CBD using its VersaFilm® technology, for distribution and sale in Canada and Australia. In addition to receiving a manufacturing margin, IntelGenx will also receive a double-digit royalty on the gross margin based on product sales. Heritage will supply CBD material for IntelGenx’s filmstrip manufacture and supply in Canada and Australia on a non- and semi-exclusive basis, respectively. The LOI contemplates an option on future co-development of CBD and THC filmstrips using proprietary technology from both companies, under certain conditions.
The CBD Filmstrips will be produced at IntelGenx’s manufacturing facility under Canadian GPP conditions and registered as a product for sale with Health Canada as a cannabis product governed by the Cannabis Act and with the Australian Department of Health’s Therapeutic Goods Administration as a medicinal cannabis product governed by the Narcotic Drugs Act.
Clint Sharples, CEO of Heritage, commented, “We value this partnership with IntelGenx given their leadership in developing high quality pharmaceutical products with their proprietary filmstrip platforms. This supply deal is a first step in building a long-term relationship to develop high quality, data driven and well-tested products for the Canadian and international medical cannabis and hemp markets, including Australia and the United States.”
Dr. Horst G. Zerbe, CEO of IntelGenx, commented, “This LOI further supports the potential of our VersaFilm® technology to provide medical cannabis consumers with an alternative, more discreet and convenient administration method, with the possibility of a superior therapeutic profile.”
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a vertically integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licenses, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. In the U.S, Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm® and VetaFilm™, as well as VevaDermTM, its transdermal development and manufacturing capabilities, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.
IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.