Heritage Cannabis Holdings (CANN.C) announced the execution of a binding letter of intent with pharmaceutical film developer, IntelGenx (IGX.V), to supply CBD filmstrips for the Canadian and Australian markets, according to a press release.
IntelGenx’s duties will include manufacturing filmstrips with 10 mg of CBD using its VersaFilm technology for distribution and sale in Canada and Australia, according to the LOI. IntelGenz will receive a manufacturing margin and a double-digit royalty on the gross margin based on product sales.
“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,” said Clint Sharples, CEO of Heritage.
Heritage will supply the CBD material and IntelGenx will manufacture and supply filmstrips in Canada and Australia on both a non and semi-exclusive basis. The LOI also includes provisions for future co-development and CBD and THC filmstrips using resources from both companies.
“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,” said Dr. Horst G. Zerbe, CEO of IntelGenx.
The filmstrips will be produced at IntelGenx facility under Canadian GPP conditions and registered with Health Canada as a cannabis product under the Cannabis Act, and with the Australian Department of Health’s Therapeutic Goods Administration as a medicinal cannabis product under the Narcotic Drugs Act.