MediPharm Labs Announces Departure of President and Co-Founder Keith Strachan

Rhea-AI Summary

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.

Positive

• Keith Strachan will join the Board of Directors, continuing to provide strategic support
• MediPharm Labs is the first commercial cannabis company in Canada to receive GMP site registration from the US FDA
• The company maintains a strong debt-free balance sheet
• International revenues represent a significant component of company revenues

Negative

• Departure of President and Co-Founder Keith Strachan from management position

TORONTO, Oct. 17, 2024 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) ("MediPharm", "MediPharm Labs" or the "Company"), a specialized, research-driven company focused on pharmaceutical-quality cannabis extraction and cannabis based health products, is announcing that President and Co-Founder Keith Strachan will be stepping down from his management position effective December 31, 2024. Keith will continue to provide strategic support and guidance to the Company by joining the Board of Directors effective January 1, 2025.

Since 2015, Keith has been instrumental in shaping MediPharm Labs into a pioneering force in the cannabis industry. His notable achievements include co-founding the first extraction-only cannabis company, overseeing the Company's successful acquisition and integration of VIVO Cannabis Inc., and leading MediPharm Labs to become the first commercial cannabis company in Canada to receive Good Manufacturing Practice ("GMP") site registration from the United States Food and Drug Administration ("US FDA").

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

Management Commentary

David Pidduck, CEO of MediPharm Labs, reflected on Keith's contributions to the Company: "Keith's visionary leadership and relentless pursuit of success has played a vital role in shaping MediPharm into becoming a leading global pharmaceutical cannabis company. International revenues now represent a significant component of Company revenues due in large part to his leadership. Keith's strategic insight is expected to continue to benefit MediPharm Labs as he joins the Board of Directors in January 2025."

Keith Strachan expressed his thoughts on this transition: "It has been an honor to serve as President of MediPharm Labs. I am incredibly proud of what we have accomplished together. As a team we have found our niche in the cannabis industry and we now serve wellness consumers and patients globally. After over a decade in this industry, I am excited to support the Company in a new capacity as a Board member. MediPharm Labs is well-positioned for future success, and I look forward to contributing to its ongoing growth."

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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 for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA.

In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.

The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

Website: www.medipharmlabs.com

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: Keith Strachan's departure as President of the Company; Keith Strachan's appointment to the Board of Directors, including the timing and benefits thereof; MediPharm's balance sheet, long term outlook of the business and future success of the Company. 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' continuous disclosure filings, available on the SEDAR+ website at www.sedarplus.ca. 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.

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SOURCE MediPharm Labs Corp.

FAQ

When will Keith Strachan step down as President of MediPharm Labs (MEDIF)?

Keith Strachan will step down as President of MediPharm Labs (MEDIF) effective December 31, 2024.

What new role will Keith Strachan take at MediPharm Labs (MEDIF) after stepping down as President?

Keith Strachan will join the Board of Directors of MediPharm Labs (MEDIF) effective January 1, 2025, providing strategic support and guidance.

What significant achievement did MediPharm Labs (MEDIF) accomplish under Keith Strachan's leadership?

Under Keith Strachan's leadership, MediPharm Labs (MEDIF) became the first commercial cannabis company in Canada to receive Good Manufacturing Practice (GMP) site registration from the United States Food and Drug Administration (US FDA).

What is MediPharm Labs' (MEDIF) current financial position according to the press release?

According to the press release, MediPharm Labs (MEDIF) maintains a strong debt-free balance sheet.