Medipharm Labs Corp - MEDIF STOCK NEWS

MediPharm Labs (TSX: LABS, OTCQX: MEDIF) has provided an update on the previously announced sale of its Napanee Facility in Ontario. The company has agreed with Kensana Health to extend the closing date of the transaction to January 31, 2025. The deal involves selling MediPharm's indirect equity interests in its wholly-owned subsidiary ABcann Medicinals to Kensana Health for $5.5 million in cash. The transaction remains subject to customary closing conditions and necessary approvals. Operations at the Napanee Facility continue without disruption during this period.

MediPharm Labs (TSX: LABS, OTCQX: MEDIF) has secured a commercial agreement with Laboratório Teuto, a major Brazilian pharmaceutical manufacturer. ANVISA granted Teuto Sanitary Authorizations for two MediPharm-manufactured products on December 30, 2024, with initial shipments expected to begin after receiving import and export permits.

The Brazilian medical cannabis market, estimated to be worth $198 million in 2024 with over 670,000 patients, is growing at over 20% annually and projected to exceed $260 million by 2026. Teuto, with 77 years of industry experience, operates a 140,000-square-meter facility producing over 500 pharmaceutical products annually.

MediPharm is among few North American companies with multiple ANVISA sanitary authorizations and an ANVISA GMP license. Currently, only 36 valid cannabis product authorizations exist under RDC 327/2019 in Brazil's strictly regulated market.

MediPharm Labs (TSX: LABS, OTCQX: MEDIF) has entered into a share purchase agreement to sell its Napanee Facility to Kensana Health for $5.5 million in cash through the disposition of ABcann Medicinals. The transaction includes the facility's license, building, land, and equipment.

As part of the deal, both companies will form a strategic partnership through a supply and services agreement, utilizing MediPharm's GMP manufacturing capabilities. Kensana Health will supply select products to support MediPharm's international brands and customer base.

The transaction, expected to close by January 1, 2025, aligns with MediPharm's strategy to streamline operations and maximize stakeholder value. For Kensana Health, the acquisition supports its FDA registration process for a novel topical chronic wound treatment.

MediPharm Labs reported Q3 2024 financial results showing significant improvements. Net revenue reached $9.8M, a 15% increase from Q3 2023, with international medical cannabis revenue growing 37% and representing 36% of total revenue. Gross profit margin improved to 32%, up 29% from Q3 2023. The company completed its final $2.2M convertible debt payment, becoming debt-free with $13M cash balance. Adjusted EBITDA improved to negative $743K from negative $2.4M in Q3 2023. Notable growth was seen in German Beacon branded medical sales ($400K in Q3) and Australian wholesale sales ($2.5M in Q3).

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specializing in precision-based cannabinoids, announced it will release its third quarter financial results on November 14, 2024, before the market opens. The results will cover the three and nine months ended September 30, 2024.

An updated company presentation with select highlights from the period will be available on MediPharm's website following the release. Notably, the company will not host a quarterly earnings call.

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) has announced that President and Co-Founder Keith Strachan will step down from his management position effective December 31, 2024. Strachan will join the Board of Directors on January 1, 2025, continuing to provide strategic support and guidance. Since 2015, Strachan has been instrumental in shaping MediPharm Labs, co-founding the first extraction-only cannabis company and leading it to become the first commercial cannabis company in Canada to receive GMP site registration from the US FDA.

MediPharm Labs remains committed to providing high-quality, innovative cannabis solutions globally and ensuring the highest standards of production and compliance. The company will focus on growing internationally, maintaining its strong debt-free balance sheet, and enhancing profitability.

MediPharm Labs Corp. (MEDIF) reported improved financial results for Q2 2024. Net revenue increased 8% year-over-year to $10.3M, the highest in over three years. Gross profit margin improved significantly to 33% from 8.1% in Q2 2023. Adjusted EBITDA loss narrowed to $124K, a 96% improvement from Q2 2023. International revenue represented 44% of total revenue. The company made progress in pharma-quality cannabis innovation, doubling dronabinol sales and launching new products. Operating expenses were reduced by $2M compared to Q2 2023. MediPharm ended the quarter with a cash balance of $16 million and less than $3M in debt. Management expressed optimism about approaching profitability in the second half of 2024.

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, has announced the release date for its second quarter 2024 financial results. The results for the period ended June 30, 2024, will be released before markets open on Wednesday, August 14, 2024. The company's executive management team will host a conference call and audio webcast on the same day at 8:30 a.m. Eastern time to discuss the financial results. Participants can join via a North America Toll-Free number or an International Toll number. An audio webcast will also be available, with a replay accessible on the company's website for those unable to attend the live event.

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specializing in precision-based cannabinoids, has announced the release date for its second quarter 2024 financial results. The results for the period ended June 30, 2024, will be released before markets open on Wednesday, August 14, 2024. Following the release, the company's executive management team will host a conference call and audio webcast at 8:30 a.m. (Eastern time) to discuss the financial results. Interested parties can join the call via a North America Toll-Free number or an International Toll number. An audio webcast will also be available, with a replay accessible on the company's website for those unable to participate live.