MEDIPHARM LABS CORP - MEDIF STOCK NEWS

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.

MediPharm Labs Corp. (OTCQX: MEDIF) announced the results of its annual meeting held on June 9, 2021. A total of 361 shareholders representing 25.29% of common shares participated. All nominees for director were elected, with Warren Everitt receiving the highest votes of 44,825,123. KPMG LLP was appointed as the company’s auditor. MediPharm Labs specializes in pharmaceutical-quality cannabis extraction and has seen success in international markets, including commercial exports to Australia, generating revenues since H1 2020.

MediPharm Labs Corp. has renewed its supply agreement with ADREXpharma for five years, extending their partnership in the German medical cannabis market, which experienced a 34% sales increase in 2020. MediPharm aims to capitalize on the growing demand, with 128,000 active patients spending an average of $500 EUR monthly. The company successfully shipped its first cannabis products to Germany in Q1 2021 and is set to deliver subsequent shipments in Q2 2021, consolidating its position as a trusted supplier in a burgeoning market.

MediPharm Labs (OTCQX: MEDIF) has launched its first wellness products in Quebec, marking a significant expansion into one of Canada’s largest consumer markets.

The company shipped its first order of premium CBD oils to the Société québécoise du cannabis (SQDC) for retail sale. This launch represents the seventh provincial distribution agreement for MediPharm, enhancing its presence across 95% of the Canadian retail market.

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.

MediPharm Labs (OTCQX: MEDIF) reported Q1 2021 results with revenues of $5.5 million, a 9% decline from Q4 2020. International sales rose to $2.1 million, offset by a 40% drop in Canadian sales due to pandemic-related challenges. The company achieved initial sales of GMP-certified products in Germany and entered the Latin American market with shipments to Peru. Notably, MediPharm reduced costs by 30%, improving financial efficiency. Cash reserves stood at $42.1 million as of March 31, 2021, supporting strategic growth initiatives.