IGX is sending Heritage 75,000 strips, which is 25,000 more than they had initially agreed to in January.
The strips contain 10mg of CBD and were designed for the Canadian and Australian markets. IntelGenx produced them at their manufacturing facilities under Canadian GPP conditions.
“This first-ever shipment from our Montreal facility of commercial quantities of an oral thin film product based on our VersaFilm® technology marks the achievement of another important milestone for our Company. We are looking forward to continuing to build a strong partnership with Heritage Cannabis, which shares our commitment to making innovative and high-quality oral thin film products available to medical cannabis consumers,” commented Dr. Horst Zerbe, CEO of IntelGenx.
IntelGenx believes these strips could be used to treat a variety of ailments, both mental and physical, including chronic pain, anxiety, and opioid withdrawal.
While most recreational users tend to prefer smoking, those who are taking cannabis for pain or anxiety management may prefer the convenience of strips.
Currently, 79% of cannabis users smoke, however, this is down 5% from the previous year, whereas edible consumption increased from 46% to 52% of cannabis users from 2019 to 2020.
IntelGenx believes that convenient oral delivery through film strips is the future of medicine, because of the added convenience and increased delivery control.
Heritage Cannabis agrees. They recently obtained the Canadian distribution rights for VESIsorb to Shoppers Drug Mart and Jean Coutu Group when products become over the counter (OTC) and the US rights for OTC sales of topical and oral products to CVS, Walgreens, Rite-Aid, and Kroeger, Walmart and Costco.
Their distribution of IntelGenx’s filmstrips is another addition to their growing inventory of easy-to-consume cannabis products. The fact they ended up with 50% more product than the initial agreement was for is indicative of Heritage’s belief in these products.
“We are excited to introduce this innovative, rapid acting sublingual filmstrip CBD product that is based on proven pharmaceutical drug delivery technology into the Canadian and Australian markets,” commented Umar Syed, President of Medical Division at Heritage Cannabis. “We believe the future of the oral cannabinoid market will be dominated by products based on innovative technologies such as VersaFilm® that can deliver superior absorption and product performance.”
Following the news, the share price for CANN.C rose slightly to $0.14.
IntelGenx’s share price also rose slightly following the news, and is currently trading at $0.56.
Full disclosure: Heritage Cannabis is an Equity.Guru marketing client.