Cannabics Pharmaceuticals Inc. announced that NewCanna Hub have signed a non-binding letter of intent at The World Economic Forum, in Davos, Switzerland, to establish an equal joint venture that is intended to produce and market Cannabics' Slow Release ("SR") capsules in Colombia and, potentially, other regulated markets. Pursuant to the terms of the LOI, the parties intend to develop a joint business plan for the joint venture within the next 30 days and execute a definitive joint venture agreement as soon as reasonably practicable. As part of the new proposed joint venture, the SR capsules are expected to be produced at NewCanna's Good Manufacturing Practice (GMP) certified facility in Columbia in various formulations. The joint venture intends to seek international distribution agreements in relevant regulated territories. Cannabics' SR Capsule technology, delivered orally, enables the slow release of active cannabinoid compounds into a patient's body. The capsules were vetted as a part of a successful clinical trial undertaken at Rambam Hospital in Israel.