MediPharm Labs Completes Medical Cannabis Export to Barbados

Rhea-AI Summary

MediPharm Labs Corp (OTCQX: MEDIF) has successfully exported medical cannabis to Barbados, marking its fourth country entry in 2021, after Germany, Brazil, and Peru. The export was conducted with approvals from health authorities in both Barbados and Canada, partnering with Avicanna to deliver RHO Phyto products. MediPharm Labs, recognized as the only North American producer with a Drug Establishment License for cannabinoid extraction, aims to expand its international reach, signifying potential growth in global medical cannabis markets.

Positive

• Completed medical cannabis export to Barbados with necessary health authority approvals.
• Established partnership with Avicanna to deliver advanced cannabis products in the Caribbean.
• Recognized as the only North American producer with a Drug Establishment License for cannabinoid extraction, enhancing market credibility.
• Expanding market presence with entries into multiple countries in 2021, indicating growth potential.

Negative

• None.

• Patient based delivery of medical cannabis executed with approval from both Barbados and Canadian Health Authorities.
  
• This marks the fourth new country entered by MediPharm Labs in 2021, following initial shipments to Germany, Brazil and Peru.

BARRIE, Ontario, Nov. 26, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce it has completed a medical cannabis export to Barbados in conjunction with strategic partner Avicanna (TSX: AVCN).

“Our GMP platform make us the go-to partner for companies looking to access global medical cannabis programs,” said Bryan Howcroft, CEO, MediPharm Labs. “As countries around the world continue to adopt medical cannabis programs, MediPharm Labs is best positioned to serve these markets as the only North American producer with a Drug Establishment License (GMP) for the extraction of natural cannabinoids.”

The Company has manufactured and delivered Avicanna RHO Phyto products for the medical community and patients in the Caribbean through Bryden Stokes, an established health and pharmaceutical product distributor in the region. These advanced cannabis products are evidence-based and marketed via the Avicanna educational platform, including patient support, marketing, and training.

MediPharm Labs will continue to deliver to international jurisdictions with medical cannabis programs in place. This execution is a proof of concept for future pharmaceutical customers who select MediPharm Labs to manufacture novel and generic drugs with marketing authorization for physician prescriptions in regions like the United States and European Union.

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 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.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing License for the extraction of natural cannabinoids. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

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, statements regarding: becoming the go-to partner for companies looking to access global medical cannabis programs; being best positioned to serve countries around the world adopting medical cannabis programs; continuing to deliver to international jurisdictions; future pharmaceutical customers; and manufacturing novel and generic drugs with marketing authorization for physician prescriptions in regions like the United States and European Union. 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.

All information contained in this press release with respect to Avicanna was supplied by Avicanna for inclusion herein.

FAQ

What recent achievement did MediPharm Labs (MEDIF) announce?

MediPharm Labs announced the successful export of medical cannabis to Barbados, marking its fourth international market entry in 2021.

Which products did MediPharm Labs deliver to Barbados?

MediPharm Labs delivered Avicanna RHO Phyto products for the medical community and patients in Barbados.

What is the significance of MediPharm Labs' Drug Establishment License?

The license positions MediPharm Labs as the only North American producer authorized for the extraction of natural cannabinoids, enhancing its credibility in global markets.

How does the export to Barbados affect MediPharm Labs' market strategy?

The export serves as proof of concept for future pharmaceutical partnerships and expands MediPharm Labs' footprint in the growing medical cannabis sector.