MediPharm Labs Corp (TSXV: LABS) announced today that one of its subsidiaries, MediPharm Labs, received a sales license from Health Canada. As a leading B2B Canadian cannabis producer, MediPharm provides raw materials, processing, and packaging for advance cannabis derivative products.
While the company’s been known as one of the first to acquire a cultivation license in Canada, a sales license would permit the company to sell their products to both retail as well as intermediate consumers such as companies.
“This Sales License 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,” said Co-Founder and CEO Pat McCutcheon, according to the company’s press release.
MediPharm has historically been known as a first-mover in the Canadian cannabis market, regarded for its marijuana extraction and purification processes and pharmaceutical-grade cannabis oils and concentrates. Purified cannabis concentrates are becoming a major product in the marijuana market and are also important intermediate ingredients for isolates and infused products in the medical and recreational markets.
Currently, MediPharm has one of only 32 supply agreements with Ontario marijuana stores, and also has a number of multi-year cannabis concentrate supply arrangements with licensed cultivators.
Over the past three months, the company’s announced a 3-year agreement with Emerald Therapeutics (TSXV: EMH), another 3-year agreement with INDIVA Limited (TSXV: NDVA), a 1-year agreement with Bonify (no ticker), and another 3-year agreement with James E. Wagner Cultivation Corp (TSXV: JWCA).
Just earlier this month, MediPharm announced that it had met a significant milestone in the purification and production of over 150,000 grams of cannabis extract, among Canada’s top volume producers for this product type.
As analysts expect further cannabis-derived products like edibles and beverages to become legal in the country, MediPharm is intending to expand on their operations by white-labeling cannabis products for customers, along with other offerings such as research, formulation, production, and packaging services to companies (in a similar vein to the existing contract-manufacturing model that dominates the pharmaceutical industry).
The company, which supplies to both medical and recreational markets, prides itself on applying pharmaceutical standards to its production methods, making sure their facilities meet the most stringent regulations on the market and exceed international cGMP standards. Many executives in the company also have extensive experience working in the pharmaceutical industry, helping bolster the companies image as a top-of-the-line cannabis refiner and cannabis processor.
MediPharm Labs Company Profile
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 license.
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
