MediPharm Labs Launches High-CBD Wellness Oils in Quebec; Ships First Order of CBD 25 and CBD 50 Formulas Now Available for Retail Sale by SQDC

Rhea-AI Summary

MediPharm Labs (OTCQX: MEDIF) announced the launch of its first wellness products in Quebec, including premium CBD oils, marking a significant expansion in its Canadian operations. This shipment to the Société québécoise du cannabis (SQDC) represents the company's entry into Quebec, its seventh provincial distribution agreement, enabling access to 95% of the retail market in Canada. The company aims to enhance its local presence as the Canadian market begins recovering. MediPharm Labs specializes in high-quality cannabis extraction and has commercial exports to Australia.

Positive

• Successfully launched wellness products in Quebec, expanding market presence.
• First shipment of premium CBD oils to SQDC, enhancing retail access.
• Access to 95% of Canada's retail market through provincial distribution agreements.
• Plans to further expand into additional provinces in 2021.

Negative

• None.

BARRIE, Ontario, May 26, 2021 (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 it launched its first wellness products in Quebec and shipped its first order of premium CBD oils for retail sale to the Société québécoise du cannabis (SQDC), the province’s sole legal retailer for cannabis based products.

“As our domestic Canadian market starts to recover and the Government works towards re-opening the economy, we remain excited about our growth prospects in Quebec as we launch new products and increase our local presence,” said Keith Strachan, President and Interim CEO, MediPharm Labs. “Quebec, one of the largest consumer markets in Canada, marks our seventh provincial distribution agreement. With our expanded footprint, we are now bringing our quality products to 95% of the retail market in Canada.”

MediPharm shipped its first order of its own MediPharm branded CBD oils - CBD 25 Regular Formula and CBD 50 Plus Formula - that will be for sale through the Société québécoise du cannabis’ (SQDC) retail outlets and e-commerce platform.

In Canada, in addition to Quebec, MediPharm Labs’ cannabis products are available in Ontario, Nova Scotia, Alberta, British Columbia, Manitoba and Saskatchewan, with additional provinces expected to be added in 2021.

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 has fully commercialized 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, the Company’s domestic Canadian market starting recover; growth prospects in Quebec; launching new products; increasing local presence; and distribution to additional provinces in 2021. 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. 

FAQ

What products has MediPharm Labs launched in Quebec?

MediPharm Labs has launched its first wellness products, including premium CBD oils, in Quebec.

What is the significance of the shipment to SQDC for MEDIF?

The shipment to SQDC marks MediPharm Labs' entry into Quebec, enhancing its retail presence in a major consumer market.

How many provincial distribution agreements does MediPharm Labs have?

MediPharm Labs has seven provincial distribution agreements, enabling access to a large portion of the Canadian retail market.

What is MediPharm Labs' market strategy in Canada?

MediPharm Labs aims to expand its product offerings and local presence in Canada as the market recovers.

What is the stock symbol for MediPharm Labs?

The stock symbol for MediPharm Labs is MEDIF, traded on the OTCQX.