Levitee Labs (LVT.C) and Canntab Therapeutics (PILL.C) announced today they are teaming up via a services agreement to go to war with the opioid epidemic, which seems to have fallen off the radar given the emergence of that other less deadly disease.
Levitee will use their ecosystem of clinics and pharmacies scattered across Alberta and British Columbia to nudge their clients towards Canntab’s products as solutions or pain management, addiction and other issues. At present, they own five addiction clinics, and three specialized pharmacies servicing over 35,000 patient visits in the past year.
“We share a vision with Canntab to play a meaningful role in flattening the curve of the opioid crisis in Canada by tapering use of addictive painkillers through the substitution of viable alternatives, which can include cannabinoids like CBD and THC and combination thereof. Notwithstanding the lack of clinical trials for product specific uses, cannabinoids have shown great promise to provide patients relief for multiple indications in which we specialize. I am eager for Canntab to begin servicing our pharmacies and clinics throughout Canada, as it will both drive additional revenue and better serve our patients,” said Noha ElSayed, B.Sc.Pharm, APA, executive director, Levitee Clinics and Levitee Pharmacies for the Alberta region.
The Team and Strategy
The combination makes a certain sort of sense. Canntab is a Canadian plant-based pharmaceutical (phytopharmaceutical is the word they use) company working on putting together and distributing a hard pill cannabinoid formulation with multiple, time-released doses. They’re calling it cannabis 3.0, because why not? And their formualtions give doctors, patients and consumers medical grade solutions with all the features expected from over the counter medication sold in pharmacies.
The agreement is
- The agreement is anticipated to contribute to correcting the opioid epidemic in Canada and serve as a foundation for both companies to potentially expand into new verticals in the future
- Levitee Labs and Canntab Therapeutics have executed a services agreement resulting in Levitee Labs informing patients about the Canntab portfolio of therapeutics
- Levitee Labs will offer the entire Canntab product lineup throughout all its clinics and pharmacies in Western Canada
And Levitee has the brick and mortar clinics, the doctors and the pull to get those products into customer’s hands and maybe we can get a handle on this epidemic with their help.
“I see this as the start of what can be a long and prosperous relationship between Canntab and Levitee Labs. Our hard pill formulations are superior to all other medical CBD and THC delivery systems and designed to produce both immediate and durable relief for acute and chronic pain. Furthermore, our manufacturing capacities are not limited. In the future, I see the potential for our production expertise to be extremely synergistic with Levitee’s compounding capabilities to provide a diverse portfolio of therapeutics, including those in the psychedelics space when regulations allow,” said Richard Goldstein, co-founder and chief financial officer of CannTab.
It’s early yet in the day but Levitee is up 8.9% today and presently trading at $0.305.
In contrast, Canntab is up two bits and they’re trading at $0.72.