MediPharm Labs Corp. (TSXV: LABS) (OTCQB: MLCPF) (FSE: MLZ)
(“MediPharm Labs” or the “Company”) a global leader in specialized,
research-driven cannabis extraction, distillation, purification and
cannabinoid isolation, is pleased to announce that its wholly owned
subsidiary, MediPharm Labs Inc. (“MediPharm”), has entered into
purchase agreements with multiple cultivators, successfully
acquiring over 5,000 KG of dried cannabis supply in the last
two weeks of March 2019. In addition to MediPharm’s ongoing monthly
procurement strategy, this large volume purchase of dried cannabis
supply strategically positions the Company to significantly
increase sales of cannabis concentrates.
“With our extensive network of cultivation partnerships, we
continue to secure and purchase increasing volumes of additional
dried cannabis supply to further boost our sizeable inventory of
high-quality pharma-grade cannabis oil,” said Patrick McCutcheon,
Chief Executive Officer of MediPharm Labs.
“As extraction specialists, we are diligently executing on
ramping up operations ahead of the legalization of
concentrates-based vapeables, topicals and edibles this fall, and
for our upcoming EU GMP certification, that we expect will
significantly increase the size of our addressable market. We
continue to aggressively build our inventory to enhance
sustainable, uninterrupted high-margin private-label production and
maintain our leadership position in the global cannabis industry
value chain.”
MediPharm Labs Launches White-Label Solutions
Platform
MediPharm Labs is also pleased to announce the launch of its
White Label program as it ramps up operations well in advance of
the next evolution of the Cannabis Act in Canada, including the
expected legalization of derivatives and edible products in the
fall of 2019. With the pending legalization of vapeables,
edibles, beverages and topicals, the Company anticipates a
significant increase in its addressable market that will also act
as a catalyst to encourage various direct-to-consumer brands and
non-cannabis consumer packaged goods companies to seek partners
like MediPharm Labs. Through its existing and growing
platform, the Company will provide a full-service solution
including formulation, processing, packaging and distribution, to
bring new and well-established brands to fulfill growing consumer
demand. MediPharm signed its first white-label customer and
looks forward to providing several updates over the coming months
as it continues active discussions with new partners through its
large, rapidly growing sales pipeline.
Corporate Update
The Company has continued to grow its team of extraction
specialists in the areas of science, technology, production, supply
chain, regulatory affairs and business development. As a result,
the Company also announced that its Board of Directors has
approved a grant of stock options under its stock option plan to
purchase an aggregate of 791,000 common shares in the capital of
the Company (“Shares”) at an exercise price of $3.34 per Share,
being the closing price of the Shares on the TSX Venture Exchange
on March 29, 2019, for a five-year term expiring March 29, 2024.
Each grant vests in five equal instalments, the first of which
vests immediately with the four other instalments vesting on the
dates which are six, twelve, eighteen and twenty-four months from
the grant date. The stock options were granted to employees of the
Company and are subject to any necessary regulatory approvals.
MediPharm Labs includes options as part of its compensation to all
employees, building a corporate culture aligned for the long-term
with shareholder value.
About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs has the distinction of being the
first company in Canada to become a licensed producer for cannabis
oil production under the ACMPR without first receiving a cannabis
cultivation licence. This expert focus on cannabis concentrates
from our cGMP (current Good Manufacturing Practices) and ISO
standard clean rooms and critical environments laboratory, allows
MediPharm Labs to produce purified, pharmaceutical-grade cannabis
oil and concentrates for advanced derivative products. MediPharm
Labs has invested in an expert, research-driven team,
state-of-the-art technology, downstream extraction methodologies
and purpose-built facilities to deliver pure, safe and
precisely-dosed cannabis products to patients and consumers.
MediPharm Labs’ private label program is a high margin business for
the Company, whereby it opportunistically procures dry cannabis
flower and trim from its numerous product supply partners, to
produce proprietary cannabis oil concentrate products for resale
globally on a private label basis.
Through its subsidiary, MediPharm Labs Australia Pty. Ltd.,
MediPharm Labs has also completed its application process with the
federal Office of Drug Control to extract and import medical
cannabis products in Australia.
For further information, please contact:Laura Lepore, Vice
President, Investor Relations & CommunicationsTelephone:
705-719-7425 ext 216Email: investors@medipharmlabs.com Website:
www.medipharmlabs.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
statements”) within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as “expects”, or “does not expect”, “is
expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, expectations of significantly increased
sales and market size, expected product offerings, expected GMP
certification and the establishment of operations in Australia.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the inability of MediPharm Labs to obtain
adequate financing; and the delay or failure to receive regulatory
approvals. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Except as required by law, MediPharm Labs assumes no
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change.
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