MediPharm Labs Accelerates Growth of Pharma-Quality Product Portfolio With Launch of its New CBD50 Plus Formula
TORONTO, June 04, 2020 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced a significant advancement for Canadian consumers with the introduction of MediPharm Labs CBD50 Plus Formula (“CBD50”), a uniquely formulated, high potency oil for medical and adult use, that expands the Company’s its pharma-quality product portfolio.
As a matter of strategy, MediPharm Labs has dedicated itself to using its proven platform and expertise to expand its white label product portfolio and develop its own in-house Cannabis 2.0 brands – all with an unwavering commitment to offering Canadian consumers truly differentiated cannabis derivative products.
“We’ve positioned ourselves to lead the market in well-defined Cannabis 2.0 categories on our own and through our growing white-label supply business,’” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Today’s announced product launch, coupled with other recently formed partnerships, demonstrate just how far we’ve come in realizing our ambition to transition our focus to commercializing and distributing a robust portfolio of pharma-quality products.”
MediPharm Labs CBD Line
Using its sophisticated, pharmaceutical-quality GMP certified platform and R&D capabilities, MediPharm Labs has launched CBD50 Plus Formula, which is designed to meet consumer and patient demand for high potency formulations. CBD50 is a 50:1 CBD:THC formulated oil, with on average twice-the-potency of other bottled CBD oils currently available in the adult-use market. Offering both purity and potency, CBD50 Plus Formula contains approximately 1000mg of Total CBD and 20mg of THC per 20ml bottle. CBD50 will be available in multiple distribution channels to address the needs of approximately 1.1 million Canadians who now use cannabis for medical purposes, according to Statistics Canada1. CBD50 joins MediPharm Labs’ first in-house branded product – CBD25 Regular Formula– which was introduced at the end of March 2020 with shipments made to Medical Cannabis by Shoppers, the Ontario Cannabis Store, BC Cannabis Stores, as well as to select private retailers in Saskatchewan and Manitoba.
“With a unique understanding of consumer preferences, our growing reputation for product and distribution excellence, and our pipeline of new business opportunities, I believe the best is yet to come for our customers.”
Cannabis 2.0 Update
In late December 2019, the Company commenced shipments of Cannabis 2.0 products into three of Canada’s provincial jurisdictions – British Columbia, Manitoba and Saskatchewan.
Since then, MediPharm Labs has received multiple reorders and added several notable new customers:
- On May 27, 2020, the Company signed a white label supply agreement with Argentia Gold Corporation, a Canadian vertically integrated licensed producer, to bring premium cannabis-infused products to Atlantic Canada
- On May 25, 2020, the Company introduced a highly anticipated and innovative suite of Ace Valley Vapes under a white label agreement in several Canadian markets
- On May 14, 2020, the Company signed a multi-faceted agreement to produce Avicanna’s Rho Phyto™ medical cannabis products and Pura Earth™ topicals under license for commercial sales through Medical Cannabis by Shoppers™ and received a license to use proprietary Avicanna formulations to develop additional MediPharm Labs and white label branded products for domestic and international markets
MediPharm Labs is able to supply and provide tailored product formulations and solutions to its Licensed Producer and CPG customers who serve the four product categories recognized under Schedule 4 of the Cannabis Act: cannabis extracts (for ingestion and inhalation), cannabis topicals, edible cannabis (beverages and food products) and cannabis oils. This broad exposure to Cannabis 2.0 categories is a key business strength.
“As the market for Cannabis 2.0 products matures, MediPharm Labs will be there giving Canadians exactly what they want, when they want it, at pharma-quality,” said Mr. McCutcheon. “We look forward to playing a defining role in our industry in the months ahead as we continue to develop and distribute product formats and formulations that lead the market.”
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with 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 for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian extraction facility. MediPharm Labs Australia was established in 2017.
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, among other things, statements regarding the expansion of the Company’s product portfolio and the performance and shipment of product pursuant to agreements with Argentia Gold Corporation and Avicanna. 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 Lab’ 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8f467a5b-75bb-4731-9815-9b7065e2cde5.
Released June 4, 2020