TORONTO, Nov. 14, 2018 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (LABS.V) (the “Company” or “MediPharm Labs”) is pleased to announce that its wholly owned subsidiary MediPharm Labs Inc. (“MediPharm”) has entered into a Cannabis Concentrate Program Agreement (the "Agreement") with The Supreme Cannabis Company, Inc. ("Supreme Cannabis") (FIRE.V) (SPRWF) (53S1.F). Pursuant to the Agreement signed on November 13, 2018, the parties have entered into a commercial arrangement whereby Supreme Cannabis will provide MediPharm with dried cannabis to use for the purposes of creating cannabis oil (the "Program"). The Program will be for an initial term of three years.
Under the terms of the Agreement, Supreme Cannabis, through its wholly owned subsidiary, 7ACRES will supply a minimum of approximately 1,000 kg of high-quality cannabis trim per year to MediPharm for the extraction and production of premium cannabis oil products for the adult-use consumer market, sold under Supreme Cannabis’ brands. The program will be established at no capital cost to Supreme Cannabis, with MediPharm retaining a processing fee for the cannabis oil produced.
"MediPharm Labs is incredibly excited to be adding Supreme Cannabis as a long-term concentrates partner with its reputation for high quality cultivation at scale. Our first-mover status and focused expertise in oil production puts us in a great position to provide Supreme Cannabis with significant volumes of purified cannabis oil products for distribution within Canada. We look forward to powering Supreme Cannabis’ cannabis oil brands." says Pat McCutcheon, CEO of MediPharm Labs.
MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification. MediPharm currently operates one of the largest cannabis concentrate manufacturing facilities in Canada and is built to cGMP (current Good Manufacturing Practices) and ISO standards. Leveraging MediPharm’s proprietary pharmaceutical manufacturing expertise, the company’s purpose-built and state-of-the-art centre of excellence currently has the capacity to process over 100,000kg of dry cannabis a year at their wholly owned ACMPR-licensed facility. With Phase 2 funded and scheduled to be completed by the end of Q2 2019, MediPharm’s processing capacity is anticipated to more than double to an expected 250,000 kg annually.
About MediPharm Labs Corp.
MediPharm Labs, through its subsidiary, is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from its cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm Labs, through its subsidiary, provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand. In addition,
MediPharm Labs will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
For additional information about MediPharm Labs, please see the company’s website: www.medipharmlabs.com.
|For further information, please contact: |
|Patrick McCutcheon, President and CEO, MediPharm Labs Corp. |
DISCLAIMER & READER ADVISORY
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains forward-looking statements about MediPharm and its business which may include, but is not limited to, risk, uncertainties and other factors that may cause actual events to differ materially from current expectations. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting MediPharm. For example, there can be no guarantee that the Program will proceed as intended by the parties and set out in the Agreement, or that applicable regulatory approvals will be obtained to carry out the activities contemplated herein. Other risk factors include risks regarding the cannabis industry, economic factors, the equity markets generally and risks associated with growth and competition. Although MediPharm has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.