- Large shipment of GMP cannabis extract and 35,000 units of finished products further supports the Company’s supply chain
- Supply to help address demand for pharmaceutical-quality active ingredients and finished product in Australia
BARRIE, Ontario, March 24, 2020 (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, is pleased to announce its subsidiary MediPharm Labs Australia Pty Ltd (“MediPharm Labs Australia”) has received the necessary permits to import a large shipment of GMP cannabis oil from its other subsidiary MediPharm Labs Inc. (“MediPharm Labs Canada”) upon receipt of export permits. This shipment will further support the Company’s international supply chain and accelerates MediPharm Labs Australia’s ability to supply pharmaceutical-quality cannabis extracts and finished products to begin addressing Australian market demand for medicinal patients as well as for research and development.
MediPharm Labs Canada has successfully completed previous exports to Australia.
We have made a strong statement about our international intentions and our focus on the medicinal cannabis market in Australia since signing our first supply deal with AusCann Group Holdings Ltd. – a Australian pharmaceutical company with operations across all facets of the medicinal cannabis value chain.
Pat McCutcheon, Chief Executive Officer, MediPharm Labs
“The most recent agreement with Compass Clinics is one of a pipeline of opportunities we have identified across Australia, and other emerging cannabis markets, that are available to us today and in the future as we receive other international regulatory permits and additional GMP certifications,” continued McCutcheon.
Since opening the doors to our Australian facility late last year, we have made excellent progress with prospective customers to supply GMP concentrate and finished products to fuel downstream third-party programs.
Warren Everitt, Chief Executive Officer, MediPharm Labs Australia
This shipment, which will include 35,000 units of finished product and our largest volume of GMP cannabis extract imported to date for further processing into soft gels and tincture bottles, accelerates our ability to start addressing the growing demand in Australia and from other jurisdictions.
Increasing Requirements for Cannabis Imports to Australia
At the end February 29, 2020, the Australian Therapeutic Goods Administration (TGA) had approved more than 34,500 medicinal cannabis scripts for patients. According to the TGA, most medicinal cannabis products being supplied in Australia are ‘unapproved’. Although these products are not included in the Australian Register of Therapeutic Goods (ARTG), they must still comply with relevant quality standards. As a result, the TGA recently announced it would expand the number of quality audits of medicinal cannabis products imported or supplied under the SAS and other unapproved product access pathways, making it more difficult for overseas producers to export products into Australia. MediPharm Labs Canada, with its Australian TGA GMP certification, and MediPharm Labs Australia, with its Australian Office of Drug Control Licence to Import Psychotropic Substances (relating to cannabis), are considered to already meet these requirements and are well positioned to begin fulfilling Australian patient demand for finished products.
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 is in the process of commercializing its Australian extraction facility. MediPharm Labs Australia was established in 2017.
For further information, please contact:
Laura Lepore, VP, Investor Relations and Communications
Telephone: 416-913-7425 ext. 1525
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
