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See Blue Tilray Celebrates Germany Subsidiary’s Cannabis Success
By Terry Lassitenaz -July 9, 2021
https://hempgazette.com/news/tilray-aphria-germany-hg1478/
Tilray, Inc. has announced its wholly-owned subsidiary in Germany, Aphria RX GmbH, has successfully completed its first harvest of medical cannabis cultivated in Germany for local distribution.
Germany’s medical cannabis market is a particularly lucrative one, representing an estimated 75% of the current EU market. Any doctor in Germany has been able to prescribe medical cannabis since 2017, and depending on the circumstances, health insurance companies pick up the tab.
The brisk uptake of medical cannabis in Germany has resulted in issues in ramping up local production of medicines to meet growing demand, leading to heavy dependence on imports. The final quarter of 2020 saw medical cannabis flower imports into Germany reach more than 3.2 tonnes.
But it’s an ill wind that blows nobody any good – Australia’s MediPharm Labs exported its first shipment of cannabis oil products to Germany back in April and WA’s Little Green Pharma have also done well from the situation.
Germany’s domestic supply issue was expected to ease this year. Tilray/Aphria’s efforts are helping, via its 6,000 square meter indoor growing facility in Neumünster.
Tilray’s Head of International and Chief Strategy Officer, Denise Faltischek, said the achievement was an important milestone.
“It is a testament to the professionalism and dedication of our team that, despite the challenges of a global pandemic, we remained on track as the first licensed producer to cultivate medical cannabis in Germany,” said Ms. Faltischek. “Our achievement would not have been possible without the trust and cooperation of the Federal Institute for Drugs and Medical Devices (BfArM) and the Germany Cannabis Agency, for which we are sincerely grateful.”
Tilray says it was the first company to import medical cannabis products into the EU and that the EU is central to its worldwide distribution network.
In other recent news from the company, late last month it launched a new medical cannabis brand – Symbios. Tilray said the new brand, targeting Canada, was developed to provide a broader spectrum of products and cannabinoid ratios at a better price point – and that’s what the fans want to hear. The product line includes flower, oils, and pre-rolls.
MediPharm gets Australian government grant for cannabis project
Published 10 mins ago
https://mjbizdaily.com/medipharm-receives-australian-government-grant-for-cannabis-project/
The Australian subsidiary of Barrie, Ontario-headquartered MediPharm Labs has received a government grant worth 466,577 Australian dollars ($352,000) to help fund a capacity optimization project at its cannabis extraction facility in Wonthaggi, Victoria.
The grant is part of Australia’s AU$50 million Manufacturing Modernization Fund, which offers funding to help small- and medium-sized manufacturing businesses scale up and compete internationally.
MediPharm Labs Australia Pty Ltd, the recipient of the grant, will use the funding for its Manufacturing Innovation and Capacity Optimization Project, according to the government announcement.
The project carries a total price tag of AU$1.9 million.
“Current operations have been focused on purified cannabis API development, which includes raw material extraction and cannabis oil purification. With increasing number of customers both domestically and internationally MediPharm Labs needs to increase its throughput of finished goods manufacturing,” a spokesperson for MediPharm in Australia told MJBizDaily via email.
“On top of the current orders for finished products, MediPharm Labs is about to bring online its soft gel cap line.”
The spokesperson said MediPharm is exploring vapes and topicals produced under good manufacturing practice conditions.
“This investment helps realize these initiatives quicker.”
The Manufacturing Modernization Fund is currently closed to applications.
MediPharm took possession of 100% of its Australian subsidiary last September, increasing its stake from 80%.
The 10,000 sq. ft. facility received its Australian Office of Drug Control manufacturing license in May 2019, according to a regulatory filing.
Shares of MediPharm are traded on the Toronto Stock Exchange as LABS.
There are silver linings I suppose to Medipharm's PPS. My shares are stuck. Can't inject any more to further reduce my cost basis without "signs-of-life".
Medipharm just looks dead in the water until they get more EU approvals. That could take another 6 - 12 months, if ever.
Expect another capital raise before then to keep the lights on. That's the definition of "bad dilution".
New money on dips at the other extractor is the better play.
It's just a little sad that Medipharm's big news is executing a research agreement while Valens is rocking and rolling with new 3rd party product deals and accretive acquisitions.
I fear Medipharm is a bit lost in the weeds.
Hopefully they can find their way.
Medipharm Labs Has Been Executing Flawlessly On Its Pharma Strategy
EDITORIAL Jun 25, 2021
7:33 AM EDT
BY MICHAEL BERGER
https://technical420.com/cannabis-article/medipharm-labs-has-been-executing-flawlessly-on-its-pharma-strategy/#
A few months ago, Jazz Pharmaceuticals plc (Nasdaq: JAZZ) acquired GW Pharmaceuticals for more than $7 billion and the transaction represented a major milestone for the cannabis industry.
GW was the first company to bring a cannabis-based therapy through US Food and Drug Administration (FDA) clinical trials and proved there are medical benefits associated with cannabis.
The size of the acquisition was eye-popping, and we have been focused on identifying companies that are focused on the biotech side of the cannabis industry. MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) is a Canadian cannabis company that has expanded the business and we are favorable on how the management team has been executing.
MediPharm is Positioned to Record Strong Growth
Although MediPharm’s trend has been to the downside, we believe the business is positioned to record strong growth and are favorable on its leverage to the biotech industry. Earlier this week, MediPharm announced a research partnership master agreement with McMaster University. The relationship is expected to play a key role in the cannabis research and drug development that is being conducted by MediPharm and believe the market does not appreciate the growth prospects that are associated with it.
MediPharm’s cannabis drug license and expertise positions it to supply clinical trial material, assist in investigation protocol and provide regulatory support for multiple trials. Three initial proposed clinical trials will evaluate the effectiveness of proprietary tetrahydrocannabinol (THC) and cannabidiol (CBD) drug candidates for indications that include pain, insomnia associated with major depression, and uremic pruritus.
MediPharm is considered to be a global leader in specialized, research-driven pharmaceutical-quality development and manufacturing of cannabis active pharmaceutical ingredients (API) and derivative products. We are favorable on the amount of value that can be generated through the relationship and will monitor how the story advances from here.
A Growth Story that is Flying Under the Radar
Over the next few months, MediPharm is expected to make additional announcements in regards to specific projects that fall under the agreement as well as the projects that receive support from Health Canada.
At current levels, we believe that MediPharm has a compelling valuation and a favorable risk-reward profile. The company has been quietly executing on the biotech side of the cannabis industry and we are bullish on this aspect of the story.
Yes, seems like noise/static. Show me the money!
Deep Connections ? Also serves as board member BMO China Co.
https://www.bmo.com/asia/about_BMO_China.html
Use MEDIF$ products as a standard or baseline, awesome. Now let's see Keith promoted to CEO, or, once when bringing in some big name BOD's was said we would be benefitting from the "deep connections" etc. So let's see it, bring it. Acting CEO for months now.
MediPharm Labs Enters Research Agreement with McMaster University to Develop Drugs Containing Cannabis Candidates
https://www.medipharmlabs.com/news/press-releases/detail/185/medipharm-labs-enters-research-agreement-with-mcmaster
June 21, 2021
MediPharm Labs’ Cannabis Drug Licence and expertise qualifies and positions the Company to supply clinical trial material, assist in investigation protocol and provide regulatory support for multiple trials
Three initial proposed clinical trials will evaluate the effectiveness of proprietary THC and CBD drug candidates for multiple indications including Pain, Insomnia associated with Major Depression, and Uremic Pruritus.
BARRIE, Ontario, June 21, 2021 (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 development and manufacturing of cannabis API and derivative products, is pleased to announce it has entered into a research partnership Master Agreement (the “Agreement”) with McMaster University. The Agreement is a key step that enables MediPharm Labs to work with McMaster University’s large and diversified roster of clinicians leading the way in cannabis research and drug development.
Under the terms of the Agreement, MediPharm Labs will enter into a separate Statement of Work with each clinician group. MediPharm Labs will use its Cannabis Drug Licence to provide access to clinical trial material that meets pharmaceutical quality standards and Good Manufacturing Practice (GMP), as well as investigative protocol and regulatory approval support.
MediPharm Labs and McMaster University researchers have proposed three distinct clinical trials, each led by separate clinician groups looking to develop novel cannabis-based drugs to treat different indications including pain, insomnia associated with major depression, and uremic pruritus.
MediPharm Labs will assist in the development of the study drugs that will be evaluated, and each will name a Principal Investigator physician. MediPharm Labs’ expertise in formulation and delivery methods will be critical to the execution of these trials. Before each study begins, all necessary approvals from relevant regulatory authorities, including Health Canada, will be obtained.
“As a pharmaceutical company specialized in cannabis, MediPharm Labs is excited to participate in the development of drugs containing cannabis. This will further our initiative to fulfill the global need for pharmaceutically approved drugs containing cannabis. We are honoured to partner with McMaster University, a global leader in medical cannabis research.” said Keith Strachan, President and Interim CEO, MediPharm Labs.
The Company looks forward to further announcements regarding specific projects under the Agreement as the projects receive initial Health Canada support.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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 completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Labs Australia was established in 2017.
Cautionary Note Regarding Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the successful performance of the Agreement; the entering into separate Statements of Work; the occurrence of three distinct clinical trials; the development of novel cannabis-based drugs to treat different indications including pain, insomnia associated with major depression, and uremic pruritus; obtaining all necessary approvals from relevant regulatory authorities, including Health Canada; and the development of pharmaceutical drugs containing cannabis. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
For further information, please contact:
MediPharm Labs Investor Relations
Telephone: +1 416.913.7425 ext. 1525
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
Primary Logo
Source: MediPharm Labs Corp.
Released June 21, 2021
..too little too late then quits. The turnaround plan is my play Australia operations/licensing, Germany but Pat won't be getting any credit, too bad..
No kidding..Pat can move on..make Keith permanent CEO.. MEDIF$...
MediPharm Labs Announces Voting Results From the 2021 Annual Meeting of Shareholders
Notice how Patrick McCutcheon basically got an angry vote of no confidence.
For: 27,289,324
Votes withheld 19,689,547
MediPharm Labs Corp.
Thu, June 10, 2021, 7:01 AM·4 min read
https://finance.yahoo.com/news/medipharm-labs-announces-voting-results-110100760.html
BARRIE, Ontario, June 10, 2021 (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, today announced the results of matters voted on at its annual meeting of holders of common shares held on Wednesday, June 9, 2021 (the “Meeting”). The voting results for each of the matters presented at the Meeting are outlined below.
There were 361 shareholders represented virtually or by proxy at the Meeting holding 65,230,720 common shares, representing 25.29% of MediPharm Labs total issued and outstanding common shares as at the record date for the Meeting. As the Meeting was held virtually, all resolutions were passed by a ballot vote.
1. Election of Directors
- ADVERTISEMENT -
Each of the nominees for election as directors were elected as directors of MediPharm Labs for the ensuing year or until their successors are elected or appointed. Voting results for the election of the individual directors are as set out below:
Nominee
Votes For
Votes Withheld
#
#
Warren Everitt
44,825,123
2,153,748
Chris Halyk
44,759,019
2,219,852
Shelley Martin
44,775,094
2,203,777
Patrick McCutcheon
27,289,324
19,689,547
Miriam McDonald
44,443,162
2,535,709
Keith Strachan
44,606,498
2,372,373
Dr. Paul Tam
42,048,386
4,930,485
Chris Taves
44,932,867
2,046,004
2. Appointment of Auditor
KPMG LLP, Chartered Professional Accountants, was appointed auditor of MediPharm Labs until the next annual meeting of the holders of the Shareholders at remuneration to be fixed by the directors. Voting results are as set out below:
Votes For
Votes Withheld
#
#
62,195,505
2,975,447
About MediPharm Labs
Founded in 2015, MediPharm specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm 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 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 has completed commercial exports to Australia and completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Australia was established in 2017.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
CONTACT: 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
Gosh, let's hope so.
Dredging lows here imo.. MEDIF$...
MediPharm Labs Extends Strategic Partnership with ADREXpharma and continues to Build its Presence in Germany
https://www.medipharmlabs.com/news/press-releases/detail/183/medipharm-labs-extends-strategic-partnership-with
June 08, 2021
MediPharm and ADREXpharma continue to lead the way addressing rising patient demand in the burgeoning German Medical Cannabis Market that saw sales increase 34% last year
128,000 active patients at end of 2020; German patients spent an average of $500EUR per month, finished products and extract sales continue to gain market share
MediPharm and ADREXpharma on track to deliver subsequent shipments to Germany in Q2 2021, completed first shipments in Q1 2021
ADREXpharma is Germany’s largest independent privately owned Medical Cannabis company with deep pharma market expertise.
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm” or the “Company”), a global leader in specialized, research-driven pharmaceutical-quality development and manufacture of cannabis API and derivative products, is pleased to announce that it has extended its supply agreement (the Agreement) with ADREXpharma® GmbH (“ADREX”), a leading developer and distributor of medicinal cannabis in the European market. The Agreement was renewed for 5 years, to June 2026, with a mutual option to extend further.
MediPharm supplies ADREX with high quality, purity assured, THC and CBD cannabis products for sale and distribution in Germany to approximately 19,000 pharmacies that could provide access to cannabis products over time.
Over the past year, with the support of ADREX, MediPharm has firmly established its presence and foothold in Germany as the go-to-supplier of cannabis products and regulatory leader in the field of cannabis for pharmaceutical companies. MediPharm and ADREX pioneered and progressed German regulatory acceptance of EU GMP cannabis API and finished dosed products from Canada and Australia.
As a result, MediPharm successfully completed its first shipment of cannabis product to ADREX in Q1 2021 and is on track to deliver its next shipments to Germany in Q2 2021.
“With our global platform purpose built to good manufacturing practices, MediPharm has established a strong foothold in the nascent, but burgeoning, German cannabis market,” said Keith Strachan, President and Interim CEO, MediPharm. “Our collaboration with ADREX has been an important and strategic step in our growth in this attractive market. We will continue to work together, combining ADREX’s experience and local networks with our licences, production and supply chain capabilities, to ensure German patients gain access to the high-quality cannabis products they can trust.”
“We are excited having launched the first products produced by MediPharm in the growing German market and to expand our international footprint with this strategic collaboration,” said Mario Eimuth, Founding Partner, ADREXpharma. “Our mission is to serve and offer the best therapeutical options to all patients in need in Germany. MediPharm is a leading global manufacturer of medical cannabis products and we are looking forward to expanding our partnership even further in the next coming months in order to meet the increasing demand in the German market.”
Germany has become Europe’s largest market with a patient base that has grown to 128,000. This helped drive Germany’s medical cannabis market sales up 34% in 2020. Also, according to Prohibition Partners latest European report, Germany’s patient base is expected to continue to increase as development of the medical cannabis system is still ongoing, with the streamlining of wholesale pricing regulations being an important next step. The market is also expected to continue to move towards more extract-based medicine instead of flower-based products.
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 serves all of the approximate 19,000 pharmacies in Germany and is market-leader in pharmacies for several product categories. 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 aims to provide the best possible treatment for medical cannabis patients – today and always.
About MediPharm
Founded in 2015, MediPharm specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm 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 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 has completed commercial exports to Australia and completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Australia was established in 2017.
Cautionary Note Regarding Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the successful performance of the agreement as planned; delivering subsequent shipments to Germany in Q2 2021; having a strong foothold in the nascent, but burgeoning, German cannabis market; having a foothold in Germany as the go-to-supplier of cannabis products and regulatory leader in the field of cannabis for pharmaceutical companies; growth in the German market; and growth of the German cannabis market. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm’s filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
All information contained in this press release with respect to ADRES was supplied by ADREX for inclusion herein.
For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: +1 416.913.7425 ext. 1525
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
"...The recreational cannabis operator opted to expand its product offering in the German market by launching a range of specially formulated high-THC, balanced-THC and CBD oil extracts as part of a two-year supply agreement between its German subsidiary Adjupharm GmbH and MediPharm Labs (OTC: MEDIF)..."
...oops, meant to say a $, MEDIF$, INTERNATIONAL peeps...
Future news will be positive news..go over .50 imo...
buyer .42..seller .50, too easy, maybe more, .60's?.. MEDIF$...
..good news from here imo new CEO, new deals, more revs, more Australia, more Strada so on imo.
Pls go at least over .50 imo...
MEDIF$...
Sold my .30's buys..now reloading .42..go over .50?.. MEDIF$$...
There's only one possible explanation why MEDIF has continued to climb daily since its very lackluster earnings report. The reason? I finally decided to sell all my shares at .333 after the report. Of course, it's skyrocketted 38% since my brilliant decision to sell!! Muprhy's Law at its finest!
However, there's been a bit of a silver lining since I sold those shares. I used some of those funds to buy more VLNCF at 2.54 when it had the big drop 3 days ago.
From your keyboard to god's ears.
atm MEDIF$ peeps..take sell orders off imo..let 'er run...
apologize was day dreaming ... (MEDIF$ c'mon) ...
..blow the lid off, goes over a dollar?.. MEDIF$...
MediPharm Labs Launches High-CBD Wellness Oils in Quebec; Ships First Order of CBD 25 and CBD 50 Formulas Now Available for Retail Sale by SQDC
https://www.medipharmlabs.com/news/press-releases/detail/181/medipharm-labs-launches-high-cbd-wellness-oils-in-quebec
May 26, 2021
BARRIE, Ontario, May 26, 2021 (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, today announced it launched its first wellness products in Quebec and shipped its first order of premium CBD oils for retail sale to the Société québécoise du cannabis (SQDC), the province’s sole legal retailer for cannabis based products.
“As our domestic Canadian market starts to recover and the Government works towards re-opening the economy, we remain excited about our growth prospects in Quebec as we launch new products and increase our local presence,” said Keith Strachan, President and Interim CEO, MediPharm Labs. “Quebec, one of the largest consumer markets in Canada, marks our seventh provincial distribution agreement. With our expanded footprint, we are now bringing our quality products to 95% of the retail market in Canada.”
MediPharm shipped its first order of its own MediPharm branded CBD oils - CBD 25 Regular Formula and CBD 50 Plus Formula - that will be for sale through the Société québécoise du cannabis’ (SQDC) retail outlets and e-commerce platform.
In Canada, in addition to Quebec, MediPharm Labs’ cannabis products are available in Ontario, Nova Scotia, Alberta, British Columbia, Manitoba and Saskatchewan, with additional provinces expected to be added in 2021.
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 has fully commercialized its Australian extraction facility. MediPharm Labs Australia was established in 2017.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s domestic Canadian market starting recover; growth prospects in Quebec; launching new products; increasing local presence; and distribution to additional provinces in 2021. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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
Primary Logo
Source: MediPharm Labs Corp.
Released May 26, 2021
Volume(Heavy Day) Volume:721,832
10-day average volume:409,803
May 25, 2021 3:54pm ET
Either inside info leaked about new deals or executed shipments or you're right.
Maybe traders put MediPharm in play today. This might not be FUN.
Break .40 here maybe runs up? (hopefully), MEDIF$...
Trade out buys .325, .36, .368 after .40; then try to replace lower, and play the flip game here imo.
Thinking MEDIF$ trades generally upward from here with "fits and starts".
Trader?
gl
MEDIF$..
CEO pick key, or promote Keith, either way.. MEDIF$...
IMO, I tend to agree with you because if revenues bottomed so did the PPS.
As a company, MediPharm is in the toilet. They were totally unprepared for the Canadian changes, and on the international front, I can't excuse their procedural delays.
Based on their communication, they are busy dotting all of the international red tape "i"s and crossing all of the "t"s before they will be permitted to begin export/import operations.
How is it possible that they failed to do that a year ago.
If they can execute on the international contracts, revenues should top $10M per Q but not until 2022. That's when they will begin to chip away at the net loss.
In the mean time they will burn cash and be forced to do an equity raise in 6 - 12 months.
My MediPharm money is dead until then.
The only thing that will help is reported revenue increases before the equity raise.
Yes, I agree. It's that very progress, that is under focus.
Trying to be global than just Canada imo...
Lagging indicator imo.. Most bearish higher from here.. MEDIF$...
The short version is they have put themselves in a very weak/poor position. The next 12 mo’s will tell the story.
Outstanding Shares
257,947,759
04/30/2021
Some MediPharm Labs Corp. (TSE:LABS) Analysts Just Made A Major Cut To Next Year's Estimates
By Simply Wall St
PublishedMay 23, 2021
TSX:LABS
https://simplywall.st/stocks/ca/pharmaceuticals-biotech/tsx-labs/medipharm-labs-shares/news/some-medipharm-labs-corp-tselabs-analysts-just-made-a-major
The latest analyst coverage could presage a bad day for MediPharm Labs Corp. (TSE:LABS), with the analysts making across-the-board cuts to their statutory estimates that might leave shareholders a little shell-shocked. Both revenue and earnings per share (EPS) estimates were cut sharply as analysts factored in the latest outlook for the business, concluding that they were too optimistic previously. Surprisingly the share price has been buoyant, rising 15% to CA$0.46 in the past 7 days. Whether the downgrade will have a negative impact on demand for shares is yet to be seen.
Following the downgrade, the most recent consensus for MediPharm Labs from its six analysts is for revenues of CA$36m in 2021 which, if met, would be a solid 18% increase on its sales over the past 12 months. Losses are predicted to fall substantially, shrinking 66% to CA$0.14. Yet before this consensus update, the analysts had been forecasting revenues of CA$48m and losses of CA$0.077 per share in 2021. Ergo, there's been a clear change in sentiment, with the analysts administering a notable cut to this year's revenue estimates, while at the same time increasing their loss per share forecasts.
The consensus price target fell 9.1% to CA$0.75, implicitly signalling that lower earnings per share are a leading indicator for MediPharm Labs' valuation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values MediPharm Labs at CA$1.25 per share, while the most bearish prices it at CA$0.40. As you can see the range of estimates is wide, with the lowest valuation coming in at less than half the most bullish estimate, suggesting there are some strongly diverging views on how think this business will perform. As a result it might not be possible to derive much meaning from the consensus price target, which is after all just an average of this wide range of estimates.
Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. One thing stands out from these estimates, which is that MediPharm Labs is forecast to grow faster in the future than it has in the past, with revenues expected to display 25% annualised growth until the end of 2021. If achieved, this would be a much better result than the 74% annual decline over the past year. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 35% annually for the foreseeable future. Although MediPharm Labs' revenues are expected to improve, it seems that the analysts are still bearish on the business, forecasting it to grow slower than the broader industry.
The Bottom Line
The most important thing to note from this downgrade is that the consensus increased its forecast losses this year, suggesting all may not be well at MediPharm Labs. Regrettably, they also downgraded their revenue estimates, and the latest forecasts imply the business will grow sales slower than the wider market. Given the scope of the downgrades, it would not be a surprise to see the market become more wary of the business.
After a downgrade like this, it's pretty clear that previous forecasts were too optimistic. What's more, we've spotted several possible issues with MediPharm Labs' business, like major dilution from new stock issuance in the past year.
MEDIF$ underestimated, higher from here imo easily over .40...
Net loss and cash burn are two different things.
Read the financials:
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00043655&issuerType=03&projectNo=03198371&docId=4923005
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00043655&issuerType=03&projectNo=03223140&docId=4963511
Three months ended
March 31, 2021
Net loss for the period (13,867)
March 31, 2020
Net loss for the period (17,363)
Cash burn wasn’t $13M. Cash used I think was about $6M.
MediPharm Labs Reports a Dismal First Quarter
If the cash burn is $13M+ per Q, I expect the next equity raise to occur within 120 - 180 days.
I like this extractor less and less each Q.
The other extractor pivoted their business faster and had a better near term vision. They both had to confront the same problems.
The other extractor is expanding with private labeling beverages, edibles and CBD in the USA, while MediPharm is filling out international paperwork and hoping pharmaceutical grade cannabis solutions develop more than a niche following among the European and Latin America medical community.
The other extractor is clearly walking the walk.
Medipharm is still stuck talking-the-talk.
Their conference call left me believing that they don't even have a chance at posting $8M next Q. They added it up for us.
There is going to be a lot of red ink, and more waiting for the paperwork to get the rubber stamp of approval from the various countries we are all waiting on.
If the PPS hovers around here until the next Q's ER, we're going to see the 20's unless there is some dramatic news.
I thought progress would happen a lot quicker. That's why I was buying and lowering my cost basis.
Now I believe the wait will take the remainder of the year and we won't see much progress before Q1 2022. There will be another dilutive and hurtful equity raise at these prices. I will wait to lower my cost basis until we see the 20's.
But I am not selling either because anything dramatic can happen quickly.
They look pretty well capitalized as of 3/31/21. If they raise again that is a major failure by management imo.
Earnings Call Transcript--->>>MediPharm Labs (MEDIF) CEO, Pat McCutcheon on Q1 2021 Results - Earnings Call Transcript
May 17, 2021 1:54 PM ET
MediPharm Labs Corp. (MEDIF)
MediPharm Labs (OTCQX:MEDIF) Q1 2021 Earnings Conference Call May 17, 2021 8:30 AM ET
Company Participants
Keith Strachan - Interim Chief Executive Officer & Director
Greg Hunter - Chief Financial Officer
Laura Lepore - Vice President, Investor Relations
Conference Call Participants
Aaron Grey - Alliance Global Partners
Frederico Yokota Choucair Gomes - ATB Capital Markets
Tamy Chen - BMO Capital Markets
Operator
Good day. Thank you for standing by and welcome to the MediPharm Labs First Quarter 2021 Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to your speaker today, Laura Lepore, Vice President of Investor Relations. Please go ahead.
Laura Lepore
Thank you, operator and good morning, everyone. With me on the call today are Keith Strachan, President and Interim Chief Executive Officer; and Greg Hunter, Chief Financial Officer.
Before we begin, please note the following caution respecting forward-looking statements which is made of behalf of MediPharm Labs and all of its representatives on this call. The statements made on this call will contain forward-looking information that involves risks and uncertainties, including those introduced by the COVID-19 pandemic. Actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
Additional information about the material factors that could cause actual results to differ materially from the conclusions, forecasts or projections in the forward-looking information and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are contained in MediPharm Labs’ filings with the Canadian and Provincial Securities Regulators, which are available on the SEDAR website at SEDAR.com.
With that, I would now like to turn the call over to Keith Strachan.
Keith Strachan
Thanks Laura, and good morning, everyone. Our first quarter included several important business developments that set the stage for a very productive future. Today I will speak to the advancements made in Q1, which were achieved in the context of ongoing industry challenges related to COVID-19. Greg will then discuss Q1 results, including continued progress with cost containment that narrowed our operating loss. And then I will close with final observations on our business agenda and outlook.
First, since we operate MediPharm to create long lasting shareholder value, I would like to take a few additional minutes to remind you of our objective and strategic priorities, how we performed against those priorities, how we expect our accomplishments to translate into longer term financial results, why we are fundamentally different than others in the industry, and why that is good for our shareholders.
From the outset, MediPharm's objective was to become a leading pharmaceutical company specializing in cannabis, taking charge in an emerging multibillion dollar global pharmaceutical, medical and wellness cannabis market by providing multiple products and turnkey solutions to a broad customer base across multiple jurisdictions. To achieve this objective, we have focused on delivering against our top priorities.
One, execute on a global platform purpose built to pharmaceutical specifications or good manufacturing practices, to establish ourselves as a go-to provider for pharmaceutical companies. Two, secure pharmaceutical licenses globally to pioneer multiple regulatory pathways and access new markets, including the U.S. Three, develop an international presence as a manufacturer of innovative formulations, turnkey brands and distribution solutions for multiple customers globally; and four, build a profitable sustainable business here domestically in Canada to drive our innovation and R&D support our longer term objective.
So how have we performed? To begin, our accomplishments are many. I'm very pleased to say we are in a fundamentally different place than when we were first licensed in 2018. And we're in a better position today compared to others in the industry. First, we have created a unique platform and achieved GMP certification in both Canada and Australia.
That qualifies us to work with Big Pharma and other companies in over 50 countries around the world. This is a significant achievement. It puts us in a best-in-class position with pharma companies now expanding into the medical cannabis space.
While some of the capital markets continue to assess MediPharm as if it is a traditional extraction only company, I want to be clear that we are inherently and fundamentally different than all others in the cannabis space. This is by design.
The depth and breadth of our team, technology, expertise and licenses and global reach have not been replicated. And for shareholders, this is a very good thing as the still to come pharmaceutical opportunity is significant and wide open to us.
Second, we have established a portfolio of pharmaceutical licenses, that again has not been replicated. Critically important, we continue to expand our license portfolio to become even more specialized in producing pharmaceutical cannabis products and participating in cannabis drug discovery clinical trials. This expansion will further strengthen our competitive advantage and make us a natural partner for pharmaceutical companies and clinical trial groups entering into the space.
Longer term, we believe that traditionally approved pharmaceutical drugs containing cannabis will represent a larger, more sustainable and profitable revenue opportunity in multiple jurisdictions, especially when compared to recreational CBD or hemp segments.
Even in the U.S., we are coming at the market from a position of strength. Although cannabis is not federally legal in the U.S., the pharmaceutical products we expect to produce over time will not be restricted by cannabis regulations. Instead, as a pharmaceutical company, our products will be assessed and then approved by the U.S FDA, and other health regulators in the jurisdictions we choose to work in. This is a significant difference and advantage over the jurisdiction or state specific programs that we see in place today.
Third, we have quickly expanded our international presence and customer base to over 30 partnerships, and 9 countries across four continents. Our customer base has grown rapidly. We expect this baseline of customers to support and add to our performance over the balance of this year and create tangible momentum for 2022.
Many of these agreements are yet to mobilize as we complete international product registrations. As these pathways open, we are confident it will lead to significant revenue opportunities. International sales volumes will also help mitigate the impact of challenging conditions in Canada as a result of COVID-19 restrictions. We have already seen this benefit in Q1.
And delivering against our priority, the breakthrough achievement is our first pharma partnership STADA, a top five European generics pharmaceutical company. This exclusive agreement was a pivotal moment for the industry and a huge validation of our business model. It represents our first entry into a growing European pharma market beginning with Germany.
As early as next year, STADA and MediPharm are committed to entering into additional European jurisdictions, which is a very exciting prospect. However, I do want to emphasize that Germany alone is an extremely attractive market. It stands as the world's leading country for medical cannabis with more than 320,000 cannabis prescriptions approved in 2020. This is more advanced medical market than any other and is said to be growing at around 30% annually. In about two-thirds of medical cases, health care insurance reimburses German patients using cannabis today. With the STADA partnership and others, we expect to dominate this market.
In the 7 months since signing with STADA, there's been a significant ramp up in large pharma companies entering the cannabis industry. Because of our reputation and capabilities, many of these companies are looking to MediPharm to provide a true turnkey solution to launching medical and wellness products. These projects create a near-term opportunity, while also preparing for the long-term opportunity to produce future cannabis based clinically proven FDA registered and approved drugs. This is a great development for shareholders and names our outlook for growth as a specialist pharma company is bullish.
On the product side, we have created an initial suite of brands and formulations in various formats and delivery methods. This diversifies our revenue streams and provides the greatest potential in our domestic Canadian market compared to us selling only bulk formulated oils. Our domestic presence serves as a proof-of-concept for our ability to provide end-to-end development, manufacturing and distribution solutions for multinational pharma CPG and innovative health care and wellness brand companies.
The slow to start Canadian adult use market has proven to be difficult, and we have responded by launching new branded product formulation. We also reduced headcount cost by 30% over the last three quarters, embedding new disciplines into finance and operations and maximizing the management insight available through our SAP system to improve margin, product and contract manufacturing performance. As we discussed last quarter, 2021 is expected to be a crossover year as MediPharm evolves into a multi country operator with a highly diversified, high quality product portfolio and a larger customer base.
Now turning to our first quarter results. At the top of the list of Q1 accomplishments, as our first sales in Germany was added to total international revenue of $2.1 million. This is a great start, but it's only the start. While top line declined slightly from last quarter, revenue from international sales increased over 600%, reflecting initial late quarter exports to only a small number of customers in Germany, Australia and Peru.
An important related development and one that is on our priority list is that the Australian Therapeutic Goods Administration recently approved our application to export GMP certified cannabis oil products to our private-label partners in Germany, including STADA and ADREXpharma. This is another advantage of having GMP certification, which will become increasingly important as medical markets expand worldwide, and regulators insist on quality standardization.
These authorizations and initial deliveries demonstrate that we can leverage our existing infrastructure in Australia and Canada without having to add domestic assets in every region we serve. Our already operating an easily expandable manufacturing platform remains a significant economic advantage for us as we pursue our global ambitions. Scaling up versus scaling out is preferred from efficiency, profitability and regulatory viewpoints.
Recently, I took part in a panel discussion hosted by Alliance Global Partners. And the consensus among panelists and rightfully so is that the entrance of Big Pharma will play an outsized role in encouraging German physicians to prescribe cannabis. As one of the more prominent members of large pharma, we couldn't have selected a better partner than STADA to trailblaze the emerging European pharmaceutical cannabis market.
With our help, STADA has the means to catalyze the market by expanding available product formats. While they move to educate physicians and pharmacists on the efficacy of cannabis treatments. One of the reasons we are confident 2021 will be a better year is the ramp up of this and other agreements.
As I mentioned, we now have more than 30 committed supply agreements in 9 countries compared to roughly half of that in only 2 countries a year ago. Our strategy of targeted international expansion to medical wellness customers is gaining traction, and that will lead to higher sales this year. We're also very pleased to complete our first shipment of premium high-THC medical cannabis oil to Cann Farm Peru. This was our first sale in Latin America, and more will follow pending final product registrations covering our supply to other customers including XLR8 Brazil.
In Australia, we're actively working with our customers on registrations to launch over-the-counter CBD products. Over-the-counter legislation passed in February and we believe OTC represents a high growth opportunity for us, especially since manufacturers and suppliers of these CBD products must be GMP certified. Prepare for this growth, our Canadian operations recently made deliveries of GMP CBD isolate to MediPharm Labs Australia with more volume to follow in Q2.
Our ambitions are clearly global in nature. But we are also committed to driving growth in Canada's medical wellness and adult use markets as part of our priority of building a profitable sustainable domestic business. As mentioned, the domestic industry has faced certain difficulties, and these continued in January and February as the Province of Ontario reduced inventory in response to pandemic lockdowns affecting retail sales. This did have an impact on our Q1 revenue. However, the good news is we still made progress in launching new branded products in late March with positive initial demand signals.
I'm particularly pleased with consumer response to our first CBN rich formula, one of only two available in Canada, it's sold out at retail within just a few weeks of launch. We immediately use our robust manufacturing platform to respond to this demand and quickly restock in each of our provincial listings. More MediPharm branded offerings will follow as we look to meet consumer wellness needs with innovative products such as THC-free oil, additional minor cannabinoids tinctures and [indiscernible] CBD and CBN.
As an important footnote, we announced a supply agreement in early March with the Province of Quebec, under which we will supply Quebec's growing medical and wellness market this year. I'm happy to report that the first Quebec shipments will leave our facility this week. For the remainder of 2021, expect to see us expand our Canadian B2c business, while also benefiting from expanded growth in consumer volumes for products we produce under white label agreements with some of the country's top licensed producers
Taken together to ramp up the sale to committed customers success with new product launches and the supply agreements secured in Q1, illustrate the advantages of GMP certification, and are focused on supplying medical wellness markets as a global provider of pharmaceutical API and finish those products. We are in a crossover period to our future, a period where the short-term financial results do not reflect the future potential. But they are the yardsticks that we use to measure our progress. Its therefore important to us that we improve earnings even as we pivot to the next stage of our growth.
I'll point out that in Q4 2020, we achieved domestic revenues of $5.7 million. If we see the easing of COVID restrictions, we expect to rebound to those levels. This will be in concert with our established baseline of $2 million in international sales in Q1 2021. - That's still not $10M. - FUNMAN
Together depicting a more attractive revenues in the near-term.
With that, I'll now turn the call over to Greg for his report.
Greg Hunter
Thanks, Keith and good morning, everyone. I'm pleased to report we made progress in Q1 on our goal to return the business to profitability. While we did see incremental improvements in the quarter, we continue to focus on our priorities to drive growth. The cost containment measures put in place last year and in Q1 are working as we realized a $1.5 million sequential reduction in operating expenses on track to achieve the $3.6 million in annual savings we discussed last quarter.
In addition, our focus on expanding our international reach has proven successful with approximately $2 million of international sales in Q1. We also expanded our international revenue beyond Australia to include both Germany and Peru. As Keith mentioned, in Q1 we experienced headwinds in our domestic business driven by COVID lockdowns and channel inventory reductions with provincial distributors, which caused our overall revenue to decline sequentially.
I remain optimistic and excited about our future potential as we continue to focus on expansion in both domestic and international medical and pharmaceutical markets while improving our cost structure and capital deployment. As I said last quarter, as a management team, we are committed to growing our top line and adjusting our cost structure to return MediPharm to profitability.
Turning to the P&L performance for the first quarter. Q1 revenues decreased 9% sequentially from $6.1 million in Q4 to $5.5 million in Q1. This was driven by a 40% reduction in domestic sales from $5.7 million to $3.4 million, largely as a result of COVID lockdowns and channel inventory reductions with provincial distributors as mentioned previously.
The reduction in domestic revenues was partially offset by international revenues as they increase sequentially from $0.3 million in Q4 to $2.1 million in Q1. The increase was driven by $1.3 million from customers in Germany, $0.4 million incremental revenue from Australia and a smaller amount from our first shipment to Peru.
Gross profit for the quarter was negative $0.7 million versus Q4 gross profit of negative $24.7 million. Q1 gross profit was negative due to the unabsorbed overhead with lower production volumes and because the inventory sold in Q1 was held at net realizable value as a result of our Q4 revaluation.
General and administrative expenses in the quarter decreased sequentially from $5.2 million in Q4 to $4.0 million in Q1, largely driven by restructuring that was completed in Q4. Marketing and selling expenses of $1.3 million in Q1 remained consistent with Q4 as we continue to focus our sales efforts on both the domestic and international markets.
R&D expenses decreased sequentially from $0.6 million in Q4 to $0.4 million in Q1. These expenses will vary as we selectively invest to advance our capabilities and product portfolio. Finance expense increased sequentially from $4.7 million in Q4 to $9.7 million in Q1 as a result of accelerated conversions on the convertible debenture.
Adjusted EBITDA for Q1 was negative $6.2 million, largely driven by negative gross margins of $0.7 million and operating expenses of $5.6 million. Adjusted EBITDA improved sequentially from negative $8.8 million in Q4, driven by improved gross margins and reduced expenses.
Moving to a few notable items on the balance sheet. Inventory increased from $22.1 million in Q4 to $24.2 million in Q1, primarily driven by inventory additions in Germany to support our German customers, including STADA. Trade and other receivables declined from $29.6 million in Q4 to $27.8 million in Q1, largely driven by collection of the Canadian emergency wage subsidy.
As discussed last quarter, there are two customers owing a total of approximately $19 million, including $8.5 million, which is subject to legal proceedings that we have previously disclosed and remain confident in its collection. The remainder of the $19 million is due from a second customer and we are confident in its collectability. Adjusting for these two customers trade and other receivables is $8.8 million, which is more in line with our revenue performance.
The current tax receivable of $4.5 million is a refund from 2020 that we expect to collect in or before Q3 and will further improve our cash position. Finally, our cash balance on March 31 was $42.1 million, which increased from $19.9 million at December 31. The Cash Balance increased by $22.2 million driven by net proceeds of $31.1 million for the previously disclosed bought deal, and was partially offset by $2.6 million payments on our convertible debenture and $6.0 million usage from operating activities.
Capital expenditures were modest at approximately $0.3 million as we continue to manage and prioritize select capital investments to expand the business. The cash balance owing on the convertible debentures stood at approximately $3.9 million at the end of March, which is largely to be repaid in Q3. While we made progress in the quarter by expanding our international presence and revenue, reducing our cost base and managing our capital expenditures, we still have work to return the business to profitability and drive cash flow.
With that, I'll turn it back to Keith.
Keith Strachan
Thanks, Greg. Some final thoughts on our outlook and business agenda. At the top of the list is executing efficiently and effectively as we ramp up sales and make better use of our well established manufacturing capability. The success we saw in international sales in Q1, particularly in Germany, will pave the way to a very exciting future across Europe and keep us top of mind of multiple global pharmaceutical companies entering the market.
Activity in Asia Pacific and Latin America markets will complement our sales potential and make further use of our existing GMP production capacity. We also have a more constructive outlook of the Canadian market due to the broader distribution, diversified sales and increasing revenue from finished formulated product. This is a result of strong progress made on building a presence in core wellness in pharmaceutical markets. As an example of this growth, our biggest distributor, the Ontario Cannabis Store has expanded their operating retail footprint to 700 stores adding 150 stores since mid March.
A Q1 development that was discussed in our last call, but it's worth repeating is the receipt of our cannabis drug license from Health Canada in February 2021. This enables us to manufacture and supply pharmaceutical prescription drugs that have been classified with a din and in turn creates opportunity for us to supply cannabis based pharmaceutical drugs in APIs for clinical research trials aimed at abbreviated drug applications and novel drug discovery.
Later this quarter, we will share an update on exciting progress within our clinical trial portfolio, which we believe will fully establish MediPharm Labs as a pharmaceutical company and open long-term growth opportunities. Notwithstanding near-term challenges related to the ongoing pandemic, which I know we all hope will be behind us by Q3 as more Canadians are vaccinated, we do expect to see a stronger back half of 2021. And we will further make adjustments to our cost base as required.
Before opening the line to question, let me update you on the company's current leadership transition. As you know, Greg joined us in February this year, and I took on the role of interim CEO late last year. Over the last 3 months, Greg has focused on bringing in new senior level talent to the finance team to support our growth going forward. In terms of CEO role, the search is well underway with several strong candidates identified. We will keep you up to date on the transition once a candidate has been confirmed.
Overall, Q1 was a productive quarter, marking the startup of sales volumes under important new customer agreements, further global market penetration of our products and improvement in bottom line performance. 2021 is a year where progress will occur as we gain traction with our priorities and create a MediPharm that I know will deliver tangible value for our customers and shareholders. Having been with MediPharm since day one, I can confidently say that today this company is better positioned than ever to dominate the global cannabis market.
Now, operator, can you please open the line to questions from our callers?
Question-and-Answer Session
Operator
[Operator Instructions] Our first question is from Aaron Grey with Alliance Global Partners. Your line is open.
Aaron Grey
Good morning, and thanks for the questions. First one for me is on Germany. Let's see the sales start there. We love to see if you could provide some additional color in terms of maybe the sell-through you’re seeing and maybe some of the progress, from the sales force from STADA is making? I know they've got about 30 people out there in force. So how that's come to help in terms of what position adoption and how you think that might get accelerate even further as COVID restrictions come to an end, and things start to normalize? Thanks.
Keith Strachan
Thanks, Aaron. Good morning. Thanks for joining the call. Yes, I think we're really excited about Germany, as I mentioned on the call already, it was our first quarter where we made deliveries into Germany. And most of those deliveries did go kind of in March and even in towards the end of March. So a little bit early on some of the trends for us as we've been in market for call it 45 to 60 days, depending on the product. But it is pretty encouraging this data team, as you mentioned, over 30 sales people, the cannabis business unit, there's over 45 people, so they've really invested into the program and we will be launching additional SKUs.
So, some of the more anecdotal signals such as launching more SKUs in the coming weeks, obviously, is a good sign, and then investing that much on their side is also a good time, but we've seen flow through in the first four weeks, kind of as expected and better a couple of the SKUs. So really looking forward to shipping them more product in Q2, and that goes for all of our German customers. I mentioned we had two German customers that we delivered to and we have a few more that we'll be delivering to as well in this quarter. So we see a lot of opportunity. Now that we've opened that pathway, and we have the approvals in place, it does make it the follow on orders a lot easier.
Aaron Grey
Okay, great. Appreciate that color. And obviously as we speak domestically on Canada, it looks like there might have been some softness there on the quarter just want to know, if you could give some sort of color on the formulated products Q-over-Q, and then things how I think might have changed, especially with some acquisitions, such as like Ace Valley's be working with [indiscernible] how that might change things on your end, and with your partnerships? And then just any additional color you can provide on some of the kind of sales trends you've seen there? Thank you.
Keith Strachan
Yes, it's a great point. And something that Greg did call out is we did see a soft January, February in relation to events, the pandemic, in talking with provincial distributors, they were looking to bring their inventory down. So, in some cases, it didn't affect like the demand of our products, but the province was not in a position where they want to take on more inventory, so they're actually holding less inventory in their warehouse. So that effect affects our sales.
I think that's what's really encouraging is, a lot of the provinces have been doing a SKU rationalization exercise where they go through, and they're actually consolidating different SKUs they have in different categories. And they're doing a more mature model of doing protocol. In the recent OCS protocol in Q1, we actually added more SKUs, then one that was taken away. So I think that is a good sign of our product having a strong demand.
And as I mentioned, launching CBN and the CBD 100 were really unique products for us and sold out quickly and we're able to restock quickly. So I think we'll really see the performance of those in this quarter like Q2 that we're in today, with those -- again, those deliveries kind of going into March timeframe. And some of those retailers not even having that product at the brick-and-mortar store until April. So I think that's good.
On the consolidation, I think it's a reoccurring theme that we're going to see all to the rest of this year, and even into next year in the Canadian space. Obviously, there's some replication of different assets in our space and there's a lot of room for that. It's really encouraging for us to see that. You mentioned Ace Valley, we launched Ace Valley vape pens, and they were really popular. We did full turnkey solution for them. So help them with the selection of their hardware, we formulated and own their actual formulations of which go into those vape pens.
So I think, Ken [ph] if you recognize, how great of a product that was in conjunction with the great job that the Ace Valley team was doing on marketing and made that acquisition. As far as you know, the ongoing manufacturing goes, we're still manufacturing today for Canopy and we plan on doing that into the foreseeable future. As many know, Canopy was actually our first long-term agreement back in 2019. So we have a long history of working with the Group. And we've seen success in the past and different partnerships we've had with them. So really looking forward to helping them expand that brand.
Aaron Grey
Okay, thanks. Thanks for the color. I'll jump back in the queue.
Operator
Your next question is from David Kideckel from ATB Capital Markets. Your line is open.
Frederico Yokota Choucair Gomes
Hi. Good morning, guys. This is actually Frederico chiming in for David. Thanks for taking my question. So just want -- we know that your strategy is focused on pharmaceuticals. But in light of that, just how should we think about your strategy in the Canadian recreational market? So I mean, is this now like second place to international? Just trying to understand what's the strategy here, given this focus on pharmaceuticals. Thanks.
Keith Strachan
Thanks, Frederico. Good morning. Thanks for joining us. I think really we are a pharmaceutical company that specializes in cannabis. And when you look at that and you look at the pharmaceutical market that you see today, a lot of pharmaceutical people, or large pharmaceutical companies are very much in the wellness space as well, if you look at our partner STADA, and some of their recent acquisitions, a lot of what they're doing today is in consumer wellness products.
So what we like to do is we like to think of the opportunity in Canada as a way of doing a proof-of-concept for our end-to-end manufacturing and development abilities for those pharmaceutical companies. So it's really flexing our muscles to show what we can really do in that space with some of these really unique tinctures that we have. So, obviously, that is what we're showcasing to those future customers. At the same time, we are also taking advantage of the capacity that we have.
We've spent tens of millions of dollars building out these amazing GMP platforms, both in Canada and Australia. And so we want to put those to use as we wait for the entry of additional Big Pharma company. So this wellness market really does give us that opportunity. And then lastly is on our contract manufacturing platform. Again, having that capacity allows us to do just manufacturing for people like a family and canopy. So then that way we can serve them. They take care of everything from marketing and retail of it, but we're able to take care of that, make use of that capital investment we have done.
So, the answer to your question, the number one focus does remain on being a pharmaceutical company and service -- servicing pharmaceutical customers, but that wellness category does leak into that and we are able to take advantage of that as leaders in the space.
Frederico Yokota Choucair Gomes
Okay, thanks. Thanks. That's helpful. And then just we've seen over the last few months, we've seen some M&A activity accelerating in Canada, and also in the U.S., some Canadian companies entering the U.S CBD space. Just wondering how are you guys seeing that environment that -- I mean environment and you have any specific plans or more advanced negotiations maybe to enter the U.S CBD space? Any color there would be helpful. Thanks.
Keith Strachan
Yes, I think, what I -- like I said to Aaron, we are really encouraged to see all the activity in the space. I think it shows how much opportunity there is in cannabis. As a pharmaceutical company, we really are not affected by borders. So as a cannabis company, you have regulations that are governed by jurisdiction to jurisdiction and in the United States, even by state to state. So that forces you to buy different assets. As a pharmaceutical company, we can use our platform both in Canada and Australia to actually register products all around the world. And so we don't need to replicate some of those assets. So I think that that's really important to call out.
I think when you look at the U.S CBD space, although a great category in the U.S., it's not something that we've targeted. I think our opportunity in the U.S is the introduction of more drugs containing cannabis. So you look at this, the success of a drug like EPIDIOLEX, the progress made with Sativex out of GW Pharma and Jazz Pharmaceuticals. I think we're seeing a lot more research in clinical late stage clinical trials as well as super -- our future opportunity for abbreviated drug applications for biosimilars. And what that does is that gives MediPharm the ability to use our very unique certifications to manufacture those drugs. So, we can manufacture that in Canada. If you look at exports of Canadian drugs today, 50% of them go to the U.S. So, we can take part of those traditional channels without having to go around and plant flags into different countries.
Frederico Yokota Choucair Gomes
Thank you. That's helpful. Thanks for clarifying that. I will hop back in the queue. Thanks.
Operator
Your next question is from Tamy Chen with BMO Capital Markets. Your line is open.
Tamy Chen
Good morning. Thanks for the questions. Greg, a question for you first. With respect to the gross margin, so I know this quarter you called out just a lower fixed cost absorption. Aside from that, how should we think about where you are at with respect to working through some of the legacy higher cost flower?
Greg Hunter
Yes, thanks. Thanks for the question. So yes, the gross margin, obviously, we're happy with the improvement that we -- we've seen from Q4 even excluding a lot of the one-time items in Q4 we've seen improvement. And as we've talked before, where we're going to see improvement go forward is in a couple areas. One, obviously with improved automation and process efficiencies. Two, as Keith has talked about, we mentioned sales expansion, particularly internationally with improved margins.
And then as you said, obviously with the inventory at net realizable value, we still need to work through that which you can see the amount that we have on the box. So we still need to work through that to get back to a positive gross margin. And as I said last quarter, we do have a view to get back to a positive gross margin in the future here and get back the business back to profitability. It's just going to take some time to work through some of this old inventory and drive the efficiencies that I talked about.
Tamy Chen
Got it. Okay, thanks. And my follow-up is, Keith, I wanted to go back to some of the commentary you made about expecting to see a better half, second half of the year expansion in Canadian B2C and what label for LPs? Can you just dig into that a bit more specifically? I'm wondering, the current environment with respect to contract manufacturing. Are you seeing some of the LPs outsource that more and more? And really, what do you think it'll take for us to really see an acceleration in that? Do we need to see just the 2.0 categories, expand a lot more from here? Do we need to see some more consolidation and so just the larger LPs will start to outsource more? Can you just talk a bit about that more. Thanks.
Keith Strachan
Yes. Thanks, Tamy. It's a great point. I think a lot of what we're doing in the Canadian domestic is gets driven by either box sales or by contract manufacturing. And I think it is really encouraging to see somewhat the other leaders in Canada, and what they're doing. I think, if you look at recent news from people like Tilray or Aurora, where they're looking to actually close, whether it's growing or production facilities in order to meet their targets, they are increasingly looking to outsource that. So I think that that's a big piece of it is as people specialize in what they're the best at, they're looking to people like us to outsource some of those services and some of those turnkey solutions.
So, our ability and our history to execute really allows us to compete on those contracts. I think the second piece of it is also the entrance of more specialty products and more unique products. So what's really encouraging is we're seeing companies pop up that are specializing in a different end product. So let's say they are a beverage formulator and manufacturer, or they're a [indiscernible] formulator and manufacturer. They're really good at making these food or beverage products, but they're not going to put in the investment, or the resources to actually do the extraction themselves.
So a lot of times now they're coming to the market in the B2B space to buy those inputs. And so MediPharm is able to compete in that sector as well. So I think it is two pieces. I think it is the growing consolidation and need for people to outsource what they're not best at. And then I think it's also the increase of those specialty products. I think it's really cool to see every month something new on the B2C side of these retail stores and all of them are usually made -- all those new products are concentrate based.
Tamy Chen
Got it. Thank you.
Operator
[Operator Instructions] Your next question is from Scott Fortune with ROTH Capital. Your line is open.
Unidentified Analyst
Hey, good morning. This is Nick stepping in for Scott. You touched on the SKU rationalization you're seeing in Canada. But on the other side of that, are you seeing kind of more favorable purchasing opportunities? And just looking out if you can just update us on your go-forward purchasing strategy, that'd be great.
Keith Strachan
Yes, I think -- Nick, I think it does keep -- from a purchasing standpoint of raw materials, it does create a great opportunity for us. So, there's been some SKU rationalization. Obviously, the increase of growing in greenhouses or outdoor in Canada has really helped us. So, and as Greg mentioned of working through those, the old inventory or past inventory, as we're replacing that with new inventory, we're seeing buying prices on raw material reduced by up to even 10x in some cases. So that really helps us with our gross margin going forward. So, it definitely helps us we've kind of see that SKU rationalization in turn lead to the ability for us to buy inputs on a lower level.
Unidentified Analyst
Got it. Thanks for the color. And then switching over to Germany, you recently signed a 2-year supply agreement with a subsidiary of IM Cannabis in Germany. I was wondering if you could quantify that opportunity a bit more and just also in terms of timing and revenue recognition? And whether or not you're seeing similar opportunities kind of outside of STADA, given your GMP distribution capabilities there?
Keith Strachan
Yes. We're seeing a ton of opportunity in Europe. So I think STADA has really proven our ability to launch in Europe and move products into Europe. So once they see MediPharm manufactured products, it does increase the inbound business development opportunities. I think as a company, we're even getting to the point where we are having to make sure that we're picking the right partners and the partners that are able to move the volume that we want to create for them.
And IM Cannabis, in particular IMC, is a great company. And we're really happy to sign agreement with their subsidiary, Adjupharm. Adjupharm in Germany, and they have operations for getting product to patients both in flower and extract. So we will be taking care of the extract portion of that a little bit early to tell on volume. So I think that to quantify it today would be a little bit difficult. I think what's really important is opening up that regulatory pathway and getting them product and we expect to do that within the next few quarters. There is a bit of a process, obviously, in Germany as a prescription drug and as [indiscernible] a number of registration. So we're working to those registrations with them today.
Unidentified Analyst
Got it. Appreciate the color.
Operator
Your last question is from Shane Mayer [ph] with Canaccord Genuity. Your line is open.
Unidentified Analyst
Hi, there. Thank you for taking my questions. My first one just to touch on something that you mentioned in your prepared marks that early next year MediPharm and STADA are planning to expand into other international markets. I was wondering if you could provide any details on which markets you're eyeing for entry, and the strategy around entering those new markets, whether it be more broad based across multiple jurisdictions? Or if it'll be on a market-by-market basis? And if I can add on the back of that, how is STADA going to incorporate or evolve its sales force while entering those markets? Is the sales force going to be dedicated -- the same dedicated cannabis distribution from Germany that's going mark the market? Or they're going to expand on that front? Thank you.
Keith Strachan
Thanks. That's a great question. And we are really excited with the progress that we're making with STADA and our ability to expand. I think where we're expanding to, we probably keep that amongst the partnership, just from a competitive advantage, obviously. But I think that we can compensate that it will be in the EU. So having products in the EU with STADA today allows us to move product throughout the EU a little bit easier. So it just makes more sense to start there. STADA operates in over 100 countries worldwide. So the options are really endless in that sense.
But growing outwards from Germany as a base, geographically does make sense from a lot of different angles. I think as far as investing on the sales force, I think that obviously is STADA's decision, but from what I know and working with them over the last 18 months is I would say they will probably invest in additional resources in those new regions. Also keep in mind, in the EU kind of even something as simple as the language. So we have 30 salespeople on the street today talking to physicians and pharmacists in Germany. And German would be their primary language.
So as we go into other countries if they're not German speaking, that we would be probably adding in additional resources there. So I think that as long as the ROI is there, we will continue to invest and definitely STADA is seeing the cannabis opportunity as something that will help their business grow in the future.
Unidentified Analyst
Thank you. The next question, just staying on the topic of the international sales channel. So there was a notable improvement in the quarter on that sales in those international channel. And I'd be expecting just given kind of the 30 agreements that are in the pipeline today for that to ramp up fairly aggressively here. So just wondering from a sales mix perspective, I think international is about 38% this quarter. So from a sales mix perspective, how's MediPharm looking at the cadence for international versus Canadian revenue mix into Q2 and then onwards throughout 2021?
Keith Strachan
Yes, I think that's a good point. We are our ambitions are global. So we are looking as we stand to really look at those medical markets where we don't see as much price compression and where we have more competitive mode, where we can use our certification. So I think that we will see the -- that will become something where we're adding on more and more deliveries, as you mentioned those 30 contracts. It is a little bit of a lumpy process in the way that we register products in each country. So even though we send, let's say, five SKUs to STADA today, as STAD adds SKU number 6 and 7, we actually have to go through the process of registration again. So we're approved as far as a manufacturer and exporter go, but then we would register a new actual like drug serial number that would allow us to do that.
So as we see our partners work on their launch, there's different factors at play as far as them having their license from distribute. And then we know we are working with different regulatory in different countries. So for example, New Zealand, which is a great opportunity for us because so close to Australia, they actually change some of their regulations recently in February, March. So then that allowed us to go back and actually have to rejig our dossier to that regulator. So it does delay that delivery by, call it, another 60 days as we go through that process. So it would be -- I'd be caution to say, it's a straight kind of ramp up from here, but it's definitely the opportunities keep unlocking in a straight ramp, but the revenue will be a bit lumpy as far as process goes.
Unidentified Analyst
Thank you. That's all my questions for today.
Operator
We have no further questions at this time. I turn the call back to Keith Strachan for closing remarks.
Keith Strachan
Great. Well, I'll just close by saying that we look forward to hosting our second quarter conference call and our upcoming annual meeting and keeping everyone abreast of all the progress in between. Thanks for listening and have a great day.
Operator
This concludes today's conference. You may now disconnect.
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TORONTO, Jan. 29, 2021 (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 Greg Hunter will join MediPharm Labs as Chief Financial Officer (CFO), effective February 8, 2021.
Greg Hunter brings over 20 years of experience as a business executive holding various senior finance and leadership roles across multiple industries including healthcare distribution, telecommunications, pharmaceuticals, biotechnology, medical device and consumer packaged goods. Greg also brings a track record and deep expertise in capital management, audit, compliance, tax, treasury, ERP, manufacturing, contract management and pricing strategy.
“As MediPharm continues to focus on accelerating the growth and execution of our global pharmaceutical, health and wellness business, Greg’s background in growing large pharmaceutical operations combined with a track record in strategic capital allocation and cost management is a strong addition to our Company,” said Keith Strachan, President and Interim CEO, MediPharm Labs. “As we look to seize new growth opportunities and expand our product offerings, his addition will ensure that we are well positioned to execute on our plans and deliver profitable growth in the future.”
Most recently, Greg was Chief Financial Officer of Medical Pharmacies Group Limited, a leading pharmacy and medical equipment manufacturer and distributor in Canada. Previously in the pharmaceuticals industry, Greg held various senior management roles with Baxter International Inc. including serving as CFO of Baxter’s Canadian subsidiary. Greg also previously held various senior operational and finance roles at Janssen-Ortho Inc., a Johnson and Johnson company.
Keith Strachan added, “I would also like to thank Olga Utkutug for her many contributions and leadership as Interim CFO. We look forward to her continued support as a key member of our finance team.”
Greg holds an MBA from McMaster University, an Honors B.Sc. in Microbiology and Immunology from University of Western Ontario and is a Chartered Professional Accountant.
In connection with Greg’s appointment as CFO, the Company granted 600,000 stock options to him with an exercise price set at the close of business on January 28, 2021. Each grant has a five-year term expiring January 28, 2026, and vests in five equal instalments, the first of which vests immediately with the four other instalments vesting on the dates which are six, twelve, eighteen and twenty-four months from the grant date. The stock options are subject to any necessary regulatory approvals.
BAD VILBEL, Germany and TORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As one of the leading European Consumer Healthcare and Generics companies, STADA, with a product presence in 120 countries, has signed an exclusive supply agreement with MediPharm Labs Inc. (“MediPharm”), a wholly owned subsidiary of MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality development and manufacture of cannabis API and derivative products to provide medical cannabis products for the European pharma sector.
“Working with MediPharm will meet the needs of pharmacists and patients and deliver on STADA’s purpose of caring for people’s health as a trusted partner,” commented STADA CEO Peter Goldschmidt. “This partnership with MediPharm demonstrates STADA’s ambition to be the go-to-partner for Generics, Consumer Health and Specialty Products.”
Under the terms of the exclusive partnership, MediPharm will supply GMP certified medical cannabis products to STADA, as well as manufacturing, logistics, and regulatory support. STADA will be responsible for commercializing the cannabis products, initially in Germany as well as marketing and medical education utilizing a pharmaceutically experienced field force.
“This partnership is exactly the type of business MediPharm has been pursuing since its inception and a validation of our strategy to deliver GMP-certified cannabis products that can be used in multiple new products in multiple markets around the world,” said Pat McCutcheon, CEO, MediPharm Labs. “This mandate has meaningful revenue potential for MediPharm Labs and we couldn’t be more excited to partner with a company that has the reputation and resources that STADA commands. As a powerhouse in sales and distribution of pharmaceuticals and non-prescription consumer health products, STADA has the ability to become a transformative force in European medical cannabis markets and we are thrilled to be their exclusive partner.”
The partners will initially focus on Germany, before potentially expanding to other European countries and territories. The partnership also signals MediPharm’s entry into the global pharmaceutical industry within a major European market.
With over 83 million inhabitants benefitting from broad access to healthcare services, Germany currently represents an estimated three-quarters of the current EU medical cannabis market.
The Medical Cannabis Network reports the medical cannabis market in Germany is currently valued at between €150m and €175m, despite only around 10% of the 20,000 pharmacies in Germany selling medical cannabis products today. Furthermore, only a limited number of doctors in Germany currently prescribe medical cannabis. With greater awareness and education around the benefits of medical cannabis, the Medical Cannabis Network estimates that Germany’s dominance in the European cannabis market could expand to €1.5bn by 2025.(1)
This is a further milestone for the global cannabis industry as STADA, in partnership with MediPharm, forges the way as a large pharmaceutical company to commercialize medical cannabis products.
Details of the products that STADA will bring to market through this partnership with MediPharm Labs will be unveiled in the coming months in the respective relevant communication channels.
June 25th, 2020
TORONTO, June 25, 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, today announced a further expansion of its innovative, pharma-quality family of branded products with the retail introduction of CBD25:5 Release Formula (“CBD25:5”).
MediPharm Labs announces the launch of CBD25:5 Release Formula, a 25:5 CBD:THC formulated oil to harness the properties of these two cannabinoids for patients and adult consumers.
“We’ve positioned ourselves to lead the market in well-defined Cannabis 2.0 categories on our own and through our growing white-label supply business,’” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Today’s announced product launch, coupled with other recently formed partnerships, demonstrate just how far we’ve come in realizing our ambition to transition our focus to commercializing and distributing a robust portfolio of pharma-quality products.”
Cannabis 2.0 Update
In late December 2019, the Company commenced shipments of Cannabis 2.0 products into three of Canada’s provincial jurisdictions – British Columbia, Manitoba and Saskatchewan.
Since then, MediPharm Labs has received multiple reorders and added several notable new customers:
-MediPharm Labs is able to supply and provide tailored product formulations and solutions to its Licensed Producer and CPG customers who serve the four product categories recognized under Schedule 4 of the Cannabis Act: cannabis extracts (for ingestion and inhalation), cannabis topicals, edible cannabis (beverages and food products) and cannabis oils. This broad exposure to Cannabis 2.0 categories is a key business strength.
WATCH THESE VIDEOS:
extraction:
https://youtu.be/HAzs2xhbHgM
soft gel manufacturing:
https://www.youtube.com/watch?v=t9tKO_cFLnY&feature=youtu.be
December 30, 2019
"...MediPharm Labs Inc. (“MediPharm”) has received a licence amendment from Health Canada allowing for production to begin in the recently expanded area of its specialized manufacturing facility in Barrie, Ontario.
This amendment increases MediPharm’s licensed facility footprint by around three times, or 16,746 sq. ft., to a total of approximately 25,000 sq. ft., allowing it to productively use more of its manufacturing space for cannabis activities – including automated downstream production and packaging, cannabis quality control and testing, research and development and secure storage to support the fulfillment and distribution of new product format formulations and orders.
MediPharm Labs Canadian Facility Expansion
In 2019, MediPharm Labs commenced a phased plan to expand its licensed space and scale its operations in Canada within its 70,000 sq.ft. facility in Barrie, Ontario. Under new regulations, the Company was required to complete construction prior to applying for an expansion licence. Today’s announcement means MediPharm received its Health Canada licence amendment just four months after completing construction.
The recently completed first phase of expansion added 16,746 square feet, all of it now licensed. This represents a three-fold increase in total licensed footprint suitable for cannabis activities to a total of approximately 25,000 sq. ft.
The now-completed first phase of the expansion includes:
July 16 update: MediPharm Labs Provides Operational Update and Increases Average Weekly Production of Active Cannabinoid Component to 75 Million Milligrams
Growing Private Label Production and White Label Platform: MediPharm Labs has increased production of private label cannabis concentrate products and distillate supply – including CBD or THC dominant as well as balanced formulations – to meet the growing demand for specialty concentrate based consumer end products ahead of legalization of vapeables, edibles and topicals in the fall of 2019. Production and quality operations teams ramped up weekly production output to approximately 75 million milligrams of active cannabinoid component concentrate at the end of Q2 2019.
To date, MediPharm Labs has signed four significant contracts for the sale of private label cannabis concentrate including to Canopy Growth, Cronos Group and AusCann. The Company also launched its White Label platform to service direct-to-consumer brands, CPG companies and large LPs in Canada. In June 2019, MediPharm announced its first white label deal to produce a minimum of approximately two million vape pens with Ace Valley, subject to purchase orders from provincial distributors.
Increasing Production Volumes: The number of dry cannabis suppliers and concentrate purchasers in Canada continues to increase. In turn, this has resulted in higher demand that supports MediPharm Labs’ differentiated, private label business model.
The Company announced it successfully acquired 9,000 KG of dried cannabis in the last three weeks of June 2019 expected to be processed and sold in Q3 2019, and 5,000 KG in the last two weeks of March 2019 that were processed and sold in Q2 2019.
Enhanced Governance and Quality: To date, the Company has purchased dried cannabis from over 23 suppliers across the country. MediPharm Labs has conducted in-depth qualifications of all of its dry cannabis and product suppliers.
Potential suppliers to MediPharm Labs are subjected to rigorous scrutiny before entering into agreements which require an enhanced Quality Agreement beyond Health Canada standards. This enhanced supplier qualification aligns with our pharmaceutical-like standards for production of cannabis oil and derivative products. All suppliers and customers remain in good standing with Health Canada Licensing and Inspection division.
Broadening Domestic and Global Distribution: During the quarter, MediPharm Labs became the only third-party concentrate manufacturer to begin shipping white label products, including bottled oil, to Provincial cannabis distributors. MediPharm Labs’ white label products can be found in three provinces including Ontario, British Columbia and Alberta. The Company expects to rollout distribution of Health Canada approved products to all remaining provinces during H2 2019.
MediPharm Labs successfully completed its first international export of commercial volume cannabis concentrate to AusCann in Australia in June 2019. The Company continues to focus on accessing and distributing its private label cannabis concentrate to global markets, including across Europe, and is working on various commercial terms.
Expanding Footprint in Canada: At MediPharm Labs’ facility in Barrie, Ontario, the Company is adding over 25,000 square feet of purpose-built production space for filling and packing automation, new product manufacturing, cannabinoid isolation activities and specialized R&D projects. Taking a phased approach, operations in this new space are expected to come as each phase becomes approved by Health Canada during the second half of 2019.
Building Scale and Increasing Capacity: MediPharm Labs has successfully completed several equipment automation and innovation projects. The success of these optimization projects has resulted in an increased in capacity of dry cannabis processing to 300,000 KG annually.
As a global leader in extraction with a focus on providing high quality cannabinoid concentrates, MediPharm Labs recently completed a 14-month project for an additional, fully customized large-scale extraction line. The extractor has completed its factory testing in Europe and is being shipped to the Company’s Barrie, Ontario facility. Upon completion of installation, operator training, EU GMP qualification and regulatory prestart activities, operational capacity of specialized and automated dry cannabis processing will exceed 500,000 KG annually.
New Product Development: MediPharm Labs is continuing to evolve its product mix. The bulk of its production and revenue to date has been in high quality winterized resin. This critical input ingredient will become the key building block for future high-growth and high-margin products:
Soft Gel Caps: MediPharm Labs has focused on building scale across operations and product lines including bottled oil and gel caps. An industrial scale soft gel capsule project is underway. Equipment has been deployed, equipment training has started, and formulation work is being conducted.
Vapourizers: The Company is building the foundation to be one of the largest vaporizer cartridge manufacturers in Canada. With new regulations finalized and set to come into effect on October 17, 2019 MediPharm Labs has finalized various formulations and started vapourizer pen cartridge filling research and development trials to ensure readiness to serve current and future white-label partners.
Australia Gaining Momentum: MediPharm Labs Australia received its manufacturing licence in May from the Australian Office of Drug Control. Construction of the facility is well underway and nearing completion with equipment ordered for installation in H2 2019. MediPharm Labs Australia is expected to have 75,000 KG of annual capacity.
Financing: The Company completed a $75 million bought deal financing to fund capital expenditures at its Canadian and Australian facilities, for domestic and international expansions, research and development and general corporate purposes. Signed a $20 million debt facility term sheet with a Schedule 1 Bank.
MediPharm Labs Announces Addition to $1.2B MJ ETFMG Alternative Harvest ETF (USA)
Tuesday 21 May 2019
TORONTO, May 22, 2019 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs”) a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, is pleased to announce it has been selected by The Mount Sinai Hospital, New York City (“Mount Sinai”), to participate in a clinical trial dedicated to developing a non-addictive oral gelcap medication for the treatment of opioid use disorder through anti-anxiety intervention utilizing hemp-derived CBD combined with a proprietary formula (the “Formula”). This will be a U.S. and international large-scale, multi-site clinical trial that will include at least 500 patients spanning the United States, Canada, Australia, Europe and Jamaica.
The clinical trial will be led by renowned principal researcher, Dr. Yasmin L. Hurd, PhD, the Ward-Coleman Chair of Translational Neuroscience at the Icahn School of Medicine at Mount Sinai, New York City, and Director of the Center for Addictive Disorders for the Mount Sinai Behavioral Health System...
...MediPharm Labs will be the exclusive manufacturer of a proprietary hemp-derived CBD oral gelcap medication utilizing the Formula provided by Timeless Herbal for all phases of the clinical trials related to this study that will allow researchers to test an investigational product containing CBD active ingredient.
MAY 17, 2019
Emerald Health Therapeutics, Inc. (“Emerald”) (TSXV: EMH; OTCQX: EMHTF) has shipped 6,000 40 ml units of its SYNC 25 CBD oil to the British Columbia Liquor Distribution Branch (BCLDB). The Emerald-branded pure CBD oil offers consumers a non-THC, smoke-free product alternative.
“We are pleased to offer our new Emerald-branded wellness product SYNC 25 to the recreational marketplace in British Columbia,” said Dr. Avtar Dhillon, President and Executive Chairman of Emerald. “The introduction of SYNC 25 marks the next step in our product growth strategy to develop innovative and quality consumer products that respond to a growing demand while providing higher profit margins.”
The SYNC 25 CBD oil product was extracted by MediPharm Labs Inc...
May 15, 2019
MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs”) a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, is pleased to announce that its wholly-owned subsidiary, MediPharm Labs Inc. (“MediPharm”), has signed a committed term sheet for a $20 million senior secured revolving credit facility ("Credit Facility") from a Canadian Schedule 1 Bank. The Credit Facility is intended to provide MediPharm Labs access to non-dilutive capital to fund planned growth, as well as for general corporate and working capital purposes.
The Credit Facility consists of a $15 million operating loan with a one-year term and a $5 million non-revolving equipment term loan with a three-year term. The Credit Facility, once closed, will bear interest at the Schedule 1 Bank’s prime lending rate plus 1.85% per annum.
“This commitment marks yet another important milestone that will provide access to non-dilutive capital to support our plans for accelerated growth as we continue to ramp up operations ahead of expected legalization of broader concentrate-based products this fall,” said, Patrick McCutcheon, CEO, MediPharm Labs. “We are pleased to have a leading financial institution support MediPharm Labs as we continue to innovate and expand our private and white label offerings to serve a growing demand for high-quality, adult-use and medical cannabis products.”
14 MAY 2019
Cronos Group and MediPharm Labs Enter Additional Multi-Year Tolling Arrangement
TORONTO, May 14, 2019 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”), is pleased to announce that it has entered into a multi-year supply agreement with MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (“MediPharm Labs”).
MediPharm Labs will supply Cronos Group with approximately $30 million of high-quality private label cannabis concentrate over 18-months, and, subject to certain renewal and purchase options, potentially up to $60 million over 24-months. In addition, Cronos Group and MediPharm Labs have entered into a multi-year tolling agreement, where Cronos Group will supply bulk cannabis to MediPharm Labs’ state of the art extraction facility in Barrie, Ontario, to fulfill certain additional processing needs of the Company.
2019 Year-to-Date Highlights
(Mr. McCutcheon continued)... “Looking ahead, we are now working on an ambitious, well-planned agenda for 2019 that will enable MediPharm Labs to extend our first-mover advantage. We are ramping up production, adding capacity, targeting EU GMP certification, expanding product offerings, developing R&D and IP, signing new sales agreements, and executing on our M&A and international growth pipeline.”
“Most importantly, we see all of this as a starting point. We expect to accelerate our growth globally as the size of our addressable market increases and we strengthen our foothold domestically with the expected legalization of vapeables, edibles, beverages and topicals providing a strong growth trajectory in Canada. We will continue to capitalize on the numerous opportunities available to us through effective capital deployment and continued expert execution to create shareholder value for the long term.”
2019 Strategic Priorities
For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 216
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
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