TORONTO--(BUSINESS WIRE)--Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced that it has executed a definitive supply agreement (the “Agreement”) with IntelGenx Corp. (TSX-V:IGX) (OTCQB:IGXT) ("IntelGenx") for the manufacturing and supply of filmstrip products containing 10 mg of CBD using IntelGenx’s VersaFilm® technology (“CBD Filmstrips”) for the Canadian and Australian markets.
Under the Agreement, Heritage has placed its first purchase order with IntelGenx for 50,000 CBD Filmstrips that will be sold in select provincial retailers and the direct-to-consumer medical channel in Canada. The CBD Filmstrips will be formulated with both CBD and CBDA as CBDA has shown more potent activity at 5-HT1A (serotonin) receptors in published studies. The CBD Filmstrips, which dissolve orally, are meant to enable better and faster absorption than oral tinctures and capsules. IntelGenx expects to make its first shipment of product to Heritage in the second quarter of 2021.
Pursuant to the Agreement, 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 Agreement also contemplates an option on future co-development of CBD and THC filmstrips using proprietary technology from both companies.
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.
Umar Syed, Heritage’s President of the Medical and International Division, commented, “Rapidly dissolving CBD Filmstrips provide tangible benefits for medical cannabis consumers by providing a more discreet and convenient administration method. As we continue to build a wide spectrum of medical cannabis products that offer both traditional and newer delivery platforms, we are excited to be at the stage where we will be distributing CBD Filmstrips in Canada and Australia.”
Dr. Horst G. Zerbe, CEO of IntelGenx, commented, “We believe this first-ever purchase order for commercial quantities of an oral thin film product based on our VersaFilm® technology represents a value inflection point for our Company. We are looking forward to building a strong partnership with Heritage, which shares our commitment to making innovative and high-quality oral thin film products available to medical cannabis consumers.”
About Heritage Cannabis Holdings Corp.
Heritage 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.