MediPharm has been quietly expanding their operation as the world gets hit by second wave of COVID.
MediPharm Labs Corp. (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced its wholly owned subsidiary, MediPharm Labs Australia Pty Ltd ("MediPharm Labs Australia"), has entered into a new white-label supply agreement with Sunco Green Pharmaceutical Pty Ltd. ("Sunco Green").
This marks MediPharm Labs' 12th supply agreement to bring GMP certified finished products to a burgeoning Australian medical cannabis market and in an emerging New Zealand market. The Therapeutic Goods Administration ("TGA") reported a record number of patient approvals in September 2020. A total of 6,206 patients were approved for medical cannabis treatment, a 72% increase over approvals reported in October 2019(1)(2). Since the start of the Australian special access program, 67,000 applications have been approved.
We are excited to add Sunco Green Pharmaceuticals to our platform as we work together to bring high quality and innovative medical cannabis products to a growing patient consumer base in Australia Pat McCutcheon CEO MediPharm Labs.
Mr McCutcheon went on to say "With our TGA GMP-certified manufacturing capabilities, distribution channels, track-record of execution and supply cannabis of API we continue to be the go-to provider for new pharmaceutical and health and wellness companies entering the burgeoning cannabis market especially in Australia,"
Under the two-year agreement, subject to further renewals, MediPharm Labs Australia will supply a full range of specially formulated CBD and THC cannabis oil products that will be sold under the Sunco Green Label. Products are expected to launch in Q4 2020.
"There has been a growing awareness of the clinical benefits of the different forms of Medicinal Cannabis for some years, and with legislation opening the door for patient access in 2016, there has been an ever- increasing demand," said Shaun Anderson, CEO and Managing Director of Sunco Green. "Our agreement with MediPharm Labs, a world class GMP certified Medicinal Cannabis Manufacturer, is our first step in the journey for a locally based and owned business to meet this demand."
"Sunco Green sees the development of strong industry relationships as crucial to achieving our mission, and also for the overall development and health of the Medicinal Cannabis Industry. Our agreement with MediPharm Labs is our first key partnership, and we look ahead to a long and mutually beneficial business association."
For the latest news and updates on MediPharm Labs, click here
Disclaimer: Past performance is not an indicator of future performance.
Get the Latest Marijuana News &
Content in your Inbox!
All your support helps The Green Fund keep writing content for all you
marijuana enthusiasts and potential pot stock investors