Medipharm Labs Corp - MEDIF STOCK NEWS

MediPharm Labs Corp (OTCQX: MEDIF) has appointed Bryan Howcroft as its new CEO effective November 15, 2021. With over 20 years of experience in medical devices and healthcare, Howcroft previously served as COO and CFO at Southmedic. His expertise in navigating complex global regulations is expected to drive MediPharm’s international growth, particularly in European markets. The company aims to enhance sales and profitability under his leadership. MediPharm also granted him stock options and restricted share units as part of his compensation package.

MediPharm Labs Corp (OTCQX: MEDIF) has announced a new strategic partnership to supply GMP cannabis extracts to Vayamed in Germany. This significant delivery highlights MediPharm's position as a leader in the wholesale of GMP cannabis oil within the EU's largest medical cannabis market, which Forbes estimates will reach €7.7 billion by 2028. The product shipment from MediPharm's licensed facility in Australia reinforces the company's commitment to expanding its international sales and navigating complex regulatory environments.

MediPharm Labs Corp (OTCQX: MEDIF) has partnered with McMaster University in a clinical trial approved by Health Canada, focusing on the effectiveness of its CBD50 and CBD10:2 formulations for treating insomnia in patients with major depressive disorder. This phase 2 trial aims to provide evidence-based research on cannabidiol's efficacy in managing sleep disorders associated with depression. The company's commitment to pharmaceutical quality standards and existing licenses positions it to supply necessary materials for the trial, aligning with its goal of becoming a leading cannabis partner for pharmaceuticals.

MediPharm Labs Corp (OTCQX: MEDIF) has received the first installment of a $330,000 AUD government grant through Australia's Manufacturing Modernisation Fund. The funds will be allocated for enhancing automation in production and improving cannabis purification processes. This support reflects the Australian government's commitment to the medical cannabis sector and acknowledges MediPharm Labs Australia's significant role. The company aims to increase efficiency and expand its client base, responding to growing demand for its cannabis products.

MediPharm Labs has received regulatory approval from Brazil's ANVISA and Canada's Health Canada to ship medical cannabis oil for compassionate care. Initial shipments will support patient trials, contributing to future product marketing under Brazil's medical cannabis program, which serves over 20,000 patients, growing at 1,500 per month. The partnership with XLR8, a local distributor, aims to enhance clinical research and patient care. This milestone paves the way for broader product distribution in the significant LATAM cannabis market.

MediPharm Labs Corp. (OTCQX: MEDIF) reported its Q2 2021 financial results, with a revenue of $5.1M, down 7.7% sequentially. The company achieved a historic GMP Drug Establishment Licence from Health Canada, enhancing its pharmaceutical operations. International sales increased by 24% to $2.5M, driven by new customer deliveries in Germany. However, gross profit fell to $(7.7M) due to inventory write-downs. The net loss narrowed to $(11.8M). With $39 million in cash, MediPharm is positioned for growth in the emerging cannabis pharmaceutical market.

MediPharm Labs Corp. (OTCQX: MEDIF) is set to release its second quarter financial results for the period ending June 30, 2021, on August 16, 2021, before market opening. The company will also host a conference call at 8:30 a.m. ET that day to discuss these results and future outlook. The call will be accessible via a toll-free number and an audio webcast. Established in 2015, MediPharm Labs specializes in the production of cannabis concentrates and has operations in Australia, generating its first revenues in H1 2020.

MediPharm Labs has received a Drug Establishment Licence (DEL) from Health Canada, marking a significant milestone as the first domestic GMP licence for cannabis-related pharmaceutical manufacturing in North America. This allows the company to manufacture and sell Active Pharmaceutical Ingredients (API) and cannabis-infused drug products. The DEL enhances MediPharm's supply chain, supporting global distribution, including to the U.S. market. It positions the company as a key player in the growing $5.8 billion cannabis pharmaceutical sector by 2027, enabling participation in global pharma trials for cannabis-based drugs.

MediPharm Labs has entered a research partnership with McMaster University to conduct three clinical trials for its proprietary THC and CBD drug candidates targeting pain, insomnia linked to major depression, and uremic pruritus. The partnership enables MediPharm to utilize its Cannabis Drug License to supply clinical trial material and regulatory support. The trials are expected to enhance drug development in the cannabis field, fulfilling the demand for pharmaceutical-grade cannabis products. The company anticipates further announcements as trials receive necessary approvals from Health Canada.