Australian exports represent a 137% greater volume compared to first export in second quarter 2019.
TORONTO, Oct. 01, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, is pleased to announce it successfully completed its second set of export shipments of medical cannabis concentrate, which were 137% greater in volume compared to its first export into Australia in June 2019.
Through its wholly owned subsidiary, MediPharm Labs Inc., the Company received its second set of export permits from Health Canada to ship an increased volume of medical cannabis concentrates from Canada to Australia. Prior to the shipment, the Australian Government’s Office of Drug Control Section also issued a second set of import permits.
“We are pleased to have completed our second set of shipments of medical cannabis concentrate into Australia in the third quarter as we look to participate in addressing the growing Australian medical patient demand,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “As international demand for purified cannabis concentrates continues to grow, we have focused on expanding our global supply chain and our international presence, including through our recently announced supply agreement for the German medical market. We have also focused on meeting diverse international regulatory and permitting requirements, including working towards our EU GMP, to grow export volumes of MediPharm Labs’ private-label concentrates.”
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices designed facility and ISO standard built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines having 300,000 kg of annual processing capacity to deliver pure, safe and precisely dosed cannabis products for its customers. Through its wholesale, white label and tolling platforms, they formulate, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, the Company also completed commercial exports to Australia and is nearing completion of its Australian extraction facility expected in 2019 with 75,000 kg of annual processing capacity.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, increasing medical cannabis demand from Australian patients, increasing demand for our purified cannabis concentrates, the export of cannabis products to Germany, the expansion of our global supply chain and our international presence, achieving EU GMP certification, the completion of MediPharm Labs’ Australian facility and timing thereof, and expected processing capacity of the Australian facility. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.