MediPharm Labs has announced it will be importing 35,000 units of cannabis oil to its Australian subsidiary, MediPharm Labs Australia.
MediPharm Labs, (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce its subsidiary MediPharm Labs Australia Pty Ltd has received the necessary permits to import a large shipment of GMP cannabis oil from its other subsidiary MediPharm Labs Inc. upon receipt of export permits. This shipment will further support the Company's international supply chain and accelerates MediPharm Labs Australia's ability to supply pharmaceutical-quality cannabis extracts and finished products to begin addressing Australian market demand for medicinal patients as well as for research and development.
MediPharm Labs Canada has successfully completed previous exports to Australia.
"We have made a strong statement about our international intentions and our focus on the medicinal cannabis market in Australia since signing our first supply deal with AusCann Group Holdings Ltd. – an Australian pharmaceutical company with operations across all facets of the medicinal cannabis value chain," said Pat McCutcheon, Chief Executive Officer, MediPharm Labs.
"The most recent agreement with Compass Clinics is one of a pipeline of opportunities we have identified across Australia, and other emerging cannabis markets, that are available to us today and in the future as we receive other international regulatory permits and additional GMP certifications."
Since opening the doors to our Australian facility late last year, we have made excellent progress with prospective customers to supply GMP concentrate and finished products to fuel downstream third-party programsWarren Everitt, Chief Executive Officer, MediPharm Labs Australia.
Everitt continued to say that "this shipment, which will include 35,000 units of finished product and our largest volume of GMP cannabis extract imported to date for further processing into soft gels and tincture bottles, accelerates our ability to start addressing the growing demand in Australia and from other jurisdictions."
Increasing Requirements for Cannabis Imports to Australia
At the end of February 2020, the Australian Therapeutic Goods Administration (TGA) had approved more than 34,500 medicinal cannabis scripts for patients. According to the TGA, most medicinal cannabis products being supplied in Australia are 'unapproved'. Although these products are not included in the Australian Register of Therapeutic Goods (ARTG), they must still comply with relevant quality standards. As a result, the TGA recently announced it would expand the number of quality audits of medicinal cannabis products imported or supplied under the SAS and other unapproved product access pathways, making it more difficult for overseas producers to export products into Australia.
MediPharm Labs Canada, with its Australian TGA GMP certification, and MediPharm Labs Australia, with its Australian Office of Drug Control Licence to Import Psychotropic Substances (relating to cannabis), are considered to already meet these requirements and are well-positioned to begin fulfilling Australian patient demand for finished products.
To learn more about MediPharm labs, visit the company HQ here.
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