MediPharm Labs Enters European Medical Cannabis Market with German Pharmaceutical and Medical Cannabis Distributor ADREXpharma®
- First extraction-only company with supply agreement for export to Germany
- Second international distribution milestone further expands the Company’s global supply chain
- Demonstrates increasing international export potential in 2020
TORONTO, Sept. 24, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, is pleased to announce that it has signed its first private label sales agreement for export to Europe, with ADREXpharma® GmbH (“ADREXpharma”), a leading licensed wholesale distributor of controlled drugs and medical cannabis which can serve all of the approximate 20,000 pharmacies across Germany. Through its private label solutions platform, MediPharm Labs will supply ADREXpharma with high quality, purity assured, cannabis concentrate derivative products, including THC and CBD oil, for sale and distribution under the ADREXpharma brand in Germany upon receipt of applicable regulatory approvals.
Germany is one of the largest and fastest growing medical cannabis markets in the world and represents MediPharm Labs’ second major international milestone as we prepare to export our private label cannabis concentrates into Germany.
Pat McCutcheon, CEO of MediPharm Labs
We are excited to be partnering with ADREXpharma, leveraging their deep expertise and local distribution to bring high quality, purity assured cannabis derivative products into the German market and expand our international exports.
“MediPharm Labs shares our patient-centric focus and is an ideal partner for us to serve German patients in need,” said Mario Eimuth, Chief Executive Officer, ADREXpharma. “We are thrilled to partner with MediPharm Labs to extend our product range within the medicinal cannabis market with the highest pharmaceutical quality and to bring MediPharm Labs’ expertise in the cannabis extraction business to Germany.”
About the German Medical Cannabis Market
The German medical cannabis market has become one of the largest growing medical cannabis markets outside of North America. According to a Bank of Montreal report dated August 25, 2019, since legalization in 2017, German medical cannabis patient numbers have increased from 1,000 to an estimated 30,000 – 50,000 patients with patients paying higher average prices than in Canada. Further, another report published by the Bank of Montreal in November 2018 estimated the European Union medical cannabis market size could reach $30 billion by 2026.
About ADREXpharma
ADREXpharma® GmbH is an independent German pharmaceutical company which is specialized in the development and distribution of medicinal cannabis in the European market. ADREXpharma developed several dosages (extracts, powder, resin, flowers) for the growing pharma market in Germany. Due to its unique supply network, ADREXpharma can serve all of the approximate 20,000 pharmacies in Germany. ADREXpharma is committed to quality, authenticity and innovation, as well as to contributing to the growing body of evidence-based research regarding the benefits and efficacy of cannabis to validate new therapy options for patients. ADREXpharma’s aim is to provide the best possible treatment for medical cannabis patients – today and always.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices designed facility and 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 having 300,000 kg of annual processing capacity to deliver pure, safe and precisely dosed cannabis products for its customers. Through its wholesale, white label and tolling platforms, they formulate, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, the Company also completed its first commercial export to Australia in June 2019 and is nearing completion of its Australian extraction facility expected in 2019 with 75,000 kg of annual processing capacity.
For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 216
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
