MediPharm takes its good manufacturing practice to Denmark in a step to build their reputation in the European market.
MediPharm Labs Corp. (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced it will supply cannabis concentrate products in Denmark to two new medical cannabis customers under two separate white-label agreements. These customers will be serviced by both GMP approved facilities, MediPharm Labs Inc. and MediPharm Labs Australia Pty Ltd ("MediPharm Labs Australia"). This marks MediPharm Labs' first supply agreements for the export of finished products to Denmark.
Denmark granted patients legal access to cannabis-based medicinal products two years ago as part of a four-year pilot program. The program provides patients with safe product access and national health authorities with patient data that they can use to understand usage and efficacy. According to information compiled by New Frontier Data and the Danish Ministry of Health, over 2,100 patients (primarily women between the ages of 42-64) received cannabis-based medicinal products from 429 prescribing doctors under this program in 2019.
The express purpose of establishing a multi-jurisdictional, GMP-certified production capability is to lead the global cannabis market for medicinal, wellness and adult-use applications and these agreements represent another step forward in realizing our ambitions Pat McCutcheon, CEO, MediPharm Labs
Mr McCutcheon went on to say "Getting in on the ground floor of the Danish medical market with new and innovative medical cannabis-focused products positions us for additional growth in Europe and adds to MediPharm Lab's all-important body of knowledge that we are leveraging to enhance the design of our formulations for patients and consumers everywhere."
Under the agreements, one which has an initial two-year term and the second a one-year term – both subject to renewal, MediPharm Labs will supply a full range of specially formulated CBD and THC cannabis oil products that will be white-labelled for distribution.
MediPharm Labs anticipates delivery to its customers to begin in October 2020, pending regulatory approval by applicable health authorities.
GMP Certification Ignites Growth for MediPharm Labs Australia
"Since the beginning of 2020, MediPharm Labs Australia has secured several very attractive domestic and international supply agreements with high-quality partners, now including new customers in Denmark," said Warren Everitt, CEO, MediPharm Labs Australia. "This volume and the pace of new business wins are a clear and important validation of our decision to build a GMP certified cannabis extraction facility supply chain for world markets and a testament to MediPharm Labs growing profile and reputation. We look forward to ramping up production under all of these agreements."
MediPharm Labs Australia received its Good Manufacturing Practice ("GMP") certificate from the Therapeutic Goods Association in May 2020, which enables it to sell cannabis APIs and finished products to countries across the EU, including Denmark. The Company entered into its first European white-label cannabis supply agreement that same month with Therismos Limited.
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