TORONTO, Nov. 12, 2018 (GLOBE NEWSWIRE) — MediPharm Labs Corp. ("MediPharm Labs" or the "Company") (TSXV: LABS) is pleased to announce that its wholly-owned subsidiary, MediPharm Labs Inc., has received its sales licence from Health Canada (the "Sales Licence") pursuant to the Cannabis Act. The Sales Licence relates to the Company's wholly-owned laboratory and manufacturing facilities in Barrie, Ontario.
"This Sales Licence represents a significant milestone for MediPharm Labs and a key component of our strategy to be a producer of cannabis concentrates at a globally-recognized quality standard, while also being focused on revenues, profitability and value to our shareholders, partners and constituents," says Pat McCutcheon, co-founder and CEO of MediPharm Labs.
A first-mover in cannabis extraction and purification in Canada, MediPharm Labs has invested in an expert team, customized state-of-the-art technology, proprietary methodologies and purpose-built facilities to deliver pharmaceutical-grade and precisely dosable cannabis oils and cannabis concentrates for advanced derivative products. Purified cannabis concentrates have emerged as a preferred basis for consumption and are also the critical elements for isolates and infused products for both the medical and adult use markets where legal globally. MediPharm Labs has been actively building an inventory of specialized cannabis concentrates and isolates in anticipation of receiving its licence, to serve both the medical cannabis and adult-use markets in Canada.
After having obtained its Sales Licence from Health Canada, MediPharm Labs is positioned to fulfill its role in the Canadian cannabis supply chain by delivering advanced oil strategies to its previously announced, innovative and well-established industry partners:
• MediPharm Labs has one of only 32 supply agreements with the Ontario Cannabis Stores
• The Company has signed four multi-year cannabis concentrate program agreements with partner licensed cultivators:
- 3-year agreement with Emerald Therapeutics Inc. (TSXV: EMH – OTCQX: EMHTF) as announced on October 10, 2018
- 3-year agreement with INDIVA Limited (TSXV: NDVA) as announced on September 4, 2018
- 1-year agreement with Bonify (6779264 Manitoba Inc.) as announced on August 2, 2018
- 3-year agreement with James E. Wagner Cultivation Corp (TSXV: JWCA) as announced July 31, 2018
• MediPharm Labs has a 1,200 kg supply agreement with UP Cannabis Inc. (TSXV: HIP) as announced on September 24, 2018
• Through JV "Garden Variety", the Company expects to supply four future retail stores in Manitoba that have received provincial approval for bricks and mortar stores as announced on August 22, 2018
MediPharm Labs has completed the purification and production of over 180,000 g of cannabis extract.
MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification. MediPharm Labs currently operates one of the largest cannabis concentrate manufacturing facilities in Canada and is built to cGMP (current Good Manufacturing Practices) and ISO standards. Leveraging MediPharm Lab's proprietary pharmaceutical manufacturing expertise, the Company currently has Phase 1 capacity to process over 100,000 kg of dry cannabis per year. With Phase 2 funded and expected to be completed by the end of Q2 2019, the Company anticipates that its processing capacity will more than double to up to 250,000 kg annually upon the completion of such expansion.
About MediPharm Labs Corp.
MediPharm Labs, through its subsidiary, is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (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 work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm Labs, through its subsidiary, provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand.
MediPharm Labs will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. 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.
Pat McCutcheon, CEO and President of MediPharm Labs, adds more cannabis oil to a large-scale evaporator that is part of the distillation process to make cannabis concentrate. Photo credit Shane MacDonald.
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