MediPharm Labs Corp. (TSXV: LABS) (Formerly POCML 4 Inc.) Provides Corporate Update Upon Commencement of Trading on the TSXV
TORONTO, Oct. 04, 2018 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS) (“MediPharm Labs” or the “Company”) (formerly POCML 4 Inc.; TSXV: POCM) is pleased to provide a corporate update to highlight its achievements and ongoing activities upon the commencement of trading of its common shares on the TSX Venture Exchange (the “TSXV”) on October 4, 2018 under the ticker symbol “LABS”.
MediPharm Labs is a medicinal cannabis company specializing in the pharmaceutical grade production of cannabis oil products as a Licensed Producer by Health Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR), and is the first company in Canada to become a Licensed Producer for cannabis oil production without first receiving a cannabis cultivation license. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. This expert focus on cannabis concentrates under cGMP (current Good Manufacturing Practices) standards utilizing ISO rated standard clean rooms and critical environment laboratories, allows MediPharm Labs to work with Health Canada approved cultivation partners to produce pharmaceutical grade cannabis oil with a proprietary and competitive advantage.
“Our public listing marks a tremendous milestone for MediPharm Labs and will allow us to further enhance our position as an industry leader in the production and supply of pharmaceutical grade extracted cannabis products in Canada and globally, backed by our diverse team of highly sophisticated and accomplished professionals,” stated Patrick McCutcheon, Chief Executive Officer of the Company.
MediPharm Labs has curated a unique position in the cannabis industry by exclusively focusing on the high-margin segment of extraction and extraction related activities based on its proprietary methodologies and relationships. Purified cannabis concentrates have emerged as a preferred basis for consumption and is also the critical element for isolate and infused products for both the medical and adult use markets where legal globally. Leveraging the Company’s specialized methodologies and existing purchase and extraction arrangements with innovative and well-established industry participants. MediPharm Labs has been actively building an inventory of specialized consumer products in anticipation of federal legalization of the adult-use market in Canada. As a trusted specialized extractor and approved supplier of the Ontario Cannabis Stores, MediPharm Labs is well positioned to be a leader in this emerging market. Outside of the Canadian market, the Company is advancing the development of MediPharm Labs Australia facility, which will be a purpose-built state of the art centre of excellence and strategic component of the Company’s international growth strategy, in addition to developing strategic arrangements with industry leaders around the globe.
Operational Update
- Phase one build-out of the Company’s critical environment labs utilizing state-of-the-art customized cannabis extraction, fractionation and distillation equipment has been completed in the Company’s wholly-owned cGMP pharmaceutical facility, complete with purpose built laboratory and manufacturing equipment fully executing the Company’s proprietary processes.
- The Company is currently operating with a processing capacity of 100,000 kilograms of dry cannabis flower and/or trim per year, giving MediPharm Labs one of the largest extraction capacities in Canada.
- Fully funded expansion underway to increase customized processing capacity to an expected 250,000 kilograms of dry cannabis per year by Q2 2019.
- Executed cannabis concentrate program agreements in place with Licensed Producers James E. Wagner, Bonify, INDIVA and UP Cannabis/Newstrike Brands Ltd., with further arrangement in process with additional Licensed Producers and industry participants, subject to standard conditions for such arrangements including receipt of requisite licenses.
- Completed numerous bulk wholesale purchases from various Licensed Producers to bolster inventory in preparation for federal legalization of the adult-use market.
- Named as one of only 32 Licensed Producer suppliers for the Ontario Cannabis Stores.
- Positioned to generate revenue immediately upon receipt of sales licence (sales inspection has been completed and pending approval).
- MediPharm Labs has rights and plans to open four retail stores in the province of Manitoba in 2019 through its Joint Venture Partnership “Garden Variety” with Avana Canada Inc. of Ontario, Fisher River Cree Nation of Manitoba, Chippewas of the Thames of Ontario.
- Research-driven, bio-pharmaceutical team established as lead by Dr. Chris Talpas, chromatography expert.
- MediPharm Labs Australia PTY facility, which will be a purpose built state-of-the-art extraction facility designed to produce the same superior pharmaceutical grade cannabis oil as the Company’s purpose-built Health Canada licensed cannabis oil production facility in Barrie, Ontario is under development and is anticipated to be operational in spring 2019 pending licensing. MediPharm Labs’ Australian facility in Wonthaggi is expected to serve both the Australian domestic market as well as facilitate international supply chain and logistics opportunities, subject to receipt of applicable licenses.
- Development of additional specialized intellectual property, focused on downstream proprietary fractionation, isolation and chromatography underway.
- Advanced activities underway targeting strategic partnerships, development of proprietary products and international opportunities.
For additional information on MediPharm Labs please visit www.medipharmlabs.com.
PowerOne Capital Markets Limited and Canaccord Genuity Corp. acted as agents to the Company for its financing in connection with the Company’s “Qualifying Transaction” with POCML 4 Inc., as such term is defined in the policies of the TSXV (the “Transaction”).
Directors, Officers and Auditor
The directors and officers of the Company following closing of the Transaction are:
Patrick McCutcheon, President and Chief Executive Officer and Director – In his 15 years in the pharmaceutical industry, Pat has successfully launched a wide range of medicinal products. Before arriving at MediPharm, Pat most recently led the hospital division for renal and mental health products for Jansen Pharmaceuticals (Johnson & Johnson).
Keith Strachan, Vice President, Business Development and Director – Keith is a supply chain management expert and has held numerous positions in the public sector. With a focus on procurement, Keith has worked for ministries and agencies including correctional services, policing, transportation and healthcare.
Miriam McDonald, Director – Miriam is currently the Director of Pharmacy at Health Sciences North, Northern Ontario’s largest hospital located in Sudbury. She holds a Bachelor of Science in Pharmacy from the University of Toronto and a Master of Science in Pharmacology from Queens University. Her career has encompassed positions as the Executive Director of Community Development at the Northern Ontario School of Medicine, and CEO of the Northeastern Ontario Medical Education Corporation (NOMEC) wherein she worked throughout northern Ontario to facilitate community-based medical clinical education. She also served as Director of Planning and Development of Cambrian College, Executive Director of Cambrian Foundation, and Director of Pharmacy, Director of Rehabilitation Services and Assistant Executive Director of Therapeutic Services at Laurentian Hospital. She was Project Coordinator for the planning and construction of the Glenn Crombie Special Needs Centre, the Northern Centre for Advanced Technology (NORCAT), and the Northeastern Cancer Centre. She is the author and co-author of a number of health-related papers and studies and is very active in the community both on a personal and professional level.
Marufur Raza, Director – Maruf is one of the leaders of MNP LLP’s Access to Cannabis for Medical Purposes Regulation (ACMPR) team with a great depth of experience and expansive network in the industry internationally. Maruf is considered a thought leader in the practical application of the IFRS biological asset standard and measurement of fair value of the assets. He has experience with the medical marijuana sector internationally and has assisted with these companies listing in Canada. Maruf has helped numerous Canadian and international companies go public in Canada. He has worked around the globe, with a special focus on Latin America and Africa and specializes in helping finance these companies in Canada, either through public or private transactions. Maruf also serves as a strategic advisor to and private companies planning on going public through direct initial public offerings or reverse mergers.
Christopher Hobbs, Chief Financial Officer and Director – Chris has over 25 years of diversified finance and accounting experience with a focus on assisting growth companies raise capital and listing in Canada. Chris has acted as Chief Financial Officer for several public and private companies operating in the resource, health sciences and technology sectors. Chris is a Chartered Professional Accountant (CPA), qualifying as a Chartered Accountant (CA) in 1992 while at KPMG LLP and holds a Bachelors of Business Administration from the Schulich School of Business at York University.
In connection with the Transaction, the Company has appointed Dale Matheson Carr-Hilton Labonte LLP as auditor of the Company, replacing MNP LLP. There are no reportable events, including disagreements, consultations or unresolved issues, as such terms are defined in National Instrument 51-102 Continuous Disclosure Obligations.
About MediPharm Labs Corp.
MediPharm Labs, through its subsidiary, is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm Labs, through its subsidiary, provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand.
MediPharm Labs will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
