“As a differentiated cannabis company, we achieved strong first quarter results and set the pace for continued robust growth, marking our position among top-tier Canadian cannabis companies,” said Patrick McCutcheon, Chief Executive Officer, MediPharm Labs. “Our revenue and adjusted EBITDA performance, which more than doubled to $22 million and $4.3 million in our first full quarter of operations, illustrates the value of our specialized focus and ability to execute as the Canadian market's leading extraction experts and providers of high-quality cannabinoid-based derivative formulations at scale. It also demonstrates our ability to convert revenue into positive operating cash flow – a key milestone achieved less than five months after receiving our sales licence.”
“Our very strong start to the year included signing our fifth, 3-year tolling agreement, with TerrAscend Corp., and completing two new private label supply agreements in the quarter, raising the total potential value of our private label sales agreements to in excess of $85 million over a 15-month period from December 2018. This strong sales momentum continued well into the second quarter, with several new agreements in process and a healthy pipeline beyond those.”
“In anticipation of expanded legalization in the fall of 2019, we are advancing our distillate and white label solutions platforms to enhance our position for vapeables, edibles and topicals as we expect our addressable market and consumer demand to significantly increase. Our white label offering will be an enduring advantage and attractive solution for LP’s, direct-to-consumer brands and CPG companies, which we expect will also accelerate our growth in the months and years ahead.”
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