MediPharm Labs Completes Sale of Vacant Land for Cash Proceeds of $1.9 million
- MediPharm Labs has completed the sale of vacant land in Napanee, Ontario, for net proceeds of $1.9 million. The sale adds non-dilutive capital to the company and is a benefit of the VIVO Cannabis acquisition. The company has already executed $7 million in annualized savings since the acquisition.
- None.
- MediPharm Labs sold vacant land in
Napanee, Ontario last utilized in 2021 for outdoor cannabis growing activities. The land was acquired by MediPharm as part of the VIVO Cannabis acquisition in April 2023. - The net cash proceeds of
adds non-dilutive capital to MediPharm's strong balance sheet.$1.9 million - The
cash is in addition to$1.9 million annualized synergies already executed since the closing of the VIVO Cannabis acquisition in April 2023$7 million
On August 30, 2023, MediPharm completed the sale of 291 Kimmett's Side Road,
This sale of surplus land adds non-dilutive capital to the Company and is one of the many benefits of the successful VIVO transaction. Since closing the transaction, the Company has already executed approximately
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
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded MediPharm's reach to medical patients in
Website: www.medipharmlabs.com
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, a future synergy target of
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SOURCE MediPharm Labs Corp.
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