Paper Portfolio I MediPharm Labs Australia Secures Supply and Manufacturing Agreement

The company also announced that it will be making use of its "GMP certified platform" to launch the next generation of CBD products.

Earlier this month the Canadian cannabis manufacturer, MediPharm Labs Corp. (TSX: LABS), announced that MediPharm Labs Australia—which operates as a wholly owned subsidiary of the company—had secured a GMP white-label supply and contract manufacturing agreement with Cannim Australia.

Under the terms of the agreement—which is set to run for three-years with an option to extend— MediPharm Labs Australia will supply a full range of specially formulated CBD and THC cannabis oil products that will be sold initially under Cannim's Lumir brand.

"We are excited to partner with Cannim as the demand for high quality and novel formulations for cannabis products continues to rise along with Australia's growing approved patient population," MediPharm Labs President and Interim CEO Keith Strachan said.

"As the go-to provider for new pharmaceutical and health and wellness companies entering the market in Australia, we are realizing the competitive advantage of our GMP-certified manufacturing capabilities and distribution channels to execute on our pipeline of opportunities to win new business."

At the same time, the company also announced that it will be making use of its "GMP certified platform" to launch the next generation of CBD products, which will eventually be available nation-wide "direct-to-consumers without a prescription".

"We are optimistic about our potential in 2021 for many good reasons including regulatory advancements. In Australia, the TGA recently reclassified low dosage CBD (150 mg a day) – from Schedule 4 or prescription only to Schedule 3," Strachan said.

"This means successfully registered cannabis can be sold over the counter. Additionally, TGA has sought industry feedback on the regulation of medicinal cannabis. Proposed reforms include introducing equivalent GMP requirements for imported medicinal cannabis to Australia."

"The MediPharm team has been instrumental in driving these proposed reforms with a goal to enhance the quality and safety of medicinal cannabis."

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.