The medical cannabis subsidiary of Queensland Bauxite has signed a landmark deal with a Canadian company to develop a new cannabis pill. One which doctors will be able to recommend and officially prescribe to patients.
Queensland Bauxite (ASX: QBL) has emerged from a trading halt with news its 55%-owned subsidiary Medical Cannabis had secured an agreement. They will bring Canada-based Canntab Therapeutics’ “world first” pharmaceutical grade medical cannabis pills. In addition, it will bring extended relief to Australian and Asian markets.
Medical Cannabis claims the Canntab pill-XR will be a “game-changing” medical product. Doctors will feel more confident to prescribe than medicinal cannabis with high THC for patients to smoke.
The Development Process
Canntab Therapeutics developed the pill. It has several formulations, to alleviate concerns raised by multiple stakeholders for a better delivery option than smoking cannabis.
Medical practitioners have reported current medicinal cannabis delivery methods can be unreliable, with accurate dosages hard to determine. Additionally, there are side effects attached to smoking or vaping medicinal cannabis including inhaling carcinogens.
Canntab XR tablets enable the dosage to be more easily managed and eliminate any side effects patients would have smoking. In addition, the pills provide a constant drug concentration between 12 and 18 hours.
Until now, high THC cannabis has been prescribed in certain countries such as Canada, Israel, and some US states. This is to ease symptoms caused by arthritis, chronic pain, diabetes, epilepsy, anxiety, glaucoma, HIV/AIDS, and autism.
Unfortunately, pharmaceutical grade cannabis medicine is not yet available to doctors anywhere in the world. However, the company has assured Canntab’s products will gain requisite approvals and become “confidently recommended and prescribed” around the world.
Queensland Bauxite excited for the future
Andrew Kavasilas is the technical director for Medical Cannabis. He said the recent decision to allow medicinal cannabis exports has paved the way for this latest deal.
Under a joint venture agreement, Medical Cannabis’ subsidiary VitaCann will work with Canntab to get the tablets formally approved for sale in Australia and export to Asia. VitaCann will also have the rights to distribute the product to both countries.
Meanwhile, Queensland Bauxite executive chairperson Pnina Feldman said it was “exciting” for the company to be involved in a lucrative venture. Also, that it would benefit many people in need.
“Everyone knows someone who could benefit from this new technology. It is deeply satisfying to see positive results with friends or family in dire need of such medication,” Feldman said.
Working to bring the best product
“Medical Cannabis will strive to educate the political, medical and general community as to the benefits of this new form of medication. In the hope that Australia will now lead the rest of the world in progressing the currently amateur global medicinal cannabis market into a real medical pharmaceutical quality industry to the strict and globally respected Australian standards that the mainstream medical industry will accept. It is our belief that this unique Canntab pill will do just that,” she added.
Once approvals are in place, Medical Cannabis will work with an existing permitted manufacturing facility this year. They will work towards developing their own facility in Australia. This will produce the Canntab pills using its own cultivars, genetics, and processing. The company then plans to export the product.
Canntab will produce its first trial batch during the next few months to submit to Canadian authorities for marketing approval. Within the first half hour of trade, Queensland Bauxite’s share price had rocketed more than 70% to sit at A$0.09.