Ecto schemas in a project that is depended upon by multiple projects

I have a situation at work where two distinct Phoenix projects, A and B, duplicate the same schemas, since they truck in the same db tables. This is painful, since migrations must be done twice. My instinct is to make a sort of library project, C, which A and B would call as file dependencies. All the schemas would reside there. I understand that this might not be conventional, or that it would also be possible to merge the A and B into one (much) larger project, but I’m wondering if this dependency model is even possible. If so, what would you call out as drawbacks? What would you call out as benefits? I should say that I’m a rank beginner. Please simplify.