Heritage Cannabis Signs Letter of Intent with IntelGenx for Long-Term Cannabis Filmstrip Supply Agreement
Heritage Cannabis Holdings Corp. (CSE: CANN)(OTCQX: HERTF) (“Heritage” or the “Company”), today announced that it has executed a binding letter of intent (“LOI”) with IntelGenx Corp. (TSXV:IGX)(OTCQB:IGXT) (“IntelGenx”), a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, for the supply of filmstrip products containing CBD (“CBD Filmstrips”) for the Canadian and Australian markets.
Pursuant to the LOI and subject to entering into a Definitive Supply Agreement and the satisfaction of customary closing conditions, IntelGenx will manufacture filmstrips containing 10 mg of CBD using its VersaFilm® technology, for distribution and sale in Canada and Australia. In addition to receiving a manufacturing margin, IntelGenx will also receive a double-digit royalty on the gross margin based on product sales. 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 LOI contemplates an option on future co-development of CBD and THC filmstrips using proprietary technology from both companies, under certain conditions.