MediPharm Labs to Supply Medical Cannabis Products to Medical Cannabis by Shoppers
February 20 2020 - 7:00AM
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
Shoppers Drug Mart, Canada’s leading pharmacy retailer, has
selected its wholly-owned subsidiary, MediPharm Labs Inc.
(“MediPharm”), to supply high-quality cannabis concentrate products
to medical patients nationally in Canada through its online
platform Medical Cannabis by Shoppers.
Under the terms of the agreement, MediPharm will
utilize its proprietary pharmaceutical manufacturing platform,
methodologies and scientific data to provide Medical Cannabis by
Shoppers with a wide range of concentrate-based products starting
with formulated bottled oils. MediPharm will provide other
derivative products such as gel caps and topicals as they become
available. The agreement is for a three-year term subject to
renewal for an additional two years. Formulated oils provided under
the agreement are expected to begin being shipped to Shoppers
within the first two months of the agreement.
“MediPharm Labs is proud to be partnering with
one of Canada’s most trusted names in retail to bring new and
innovative pharmaceutical-quality cannabis concentrate products to
Shoppers’ medical consumers across Canada,” said Pat McCutcheon,
CEO, MediPharm Labs. “With our pharmaceutically trained team,
our GMP certified platform and research licence permitting human
trials, MediPharm Labs has the ability to develop advanced cannabis
products backed by proprietary scientific research that will serve
as the foundation for further expansion of future offerings.”
Medical Cannabis by Shoppers launched in January
2019. The platform ships products from Canadian licensed producers
directly and discreetly to customers in all provinces and
territories in Canada. Under current regulations, pharmacists
cannot dispense medical cannabis from a pharmacy.
According to Statistics Canada, approximately
1.1 million Canadians use cannabis for medical purposes.i MediPharm
Labs is pleased to partner with a retailer who is not only
committed to providing patients with high-quality medical cannabis
from a trusted source, but guidance from specialized advisors. Such
guidance is important in ensuring patients achieve satisfaction
with their customer experience.
i Number and percentage of people reporting non-medical,
medical, and both medical and non-medical cannabis use by age
group, Canada (provinces only), second and third quarters combined
2019. Statistics Canada, accessible
at https://www150.statcan.gc.ca/n1/daily-quotidien/191030/t002a-eng.htm
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, they formulate, consumer-test, process,
package and distribute cannabis extracts and advanced
cannabinoid-based products to domestic and international markets.
As a global leader, MediPharm Labs has completed commercial exports
to Australia and is nearing commercialization of its Australian
Extraction facility. MediPharm Labs Australia was established in
2017.
For further information, please contact: Laura
Lepore, VP, Investor Relations Telephone: +1 416.913.7425 ext.
1525Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com
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
and shipping of products thereunder as planned; the development of
additional derivative products such as soft gels and topicals; the
development of advanced cannabis products backed by proprietary
scientific research; the discrete shipment of products to and
specialized advisor support of Shoppers Drug Mart customers and the
completion and permitting of MediPharm Labs Australia’s facility
and timing thereof, rapidly expanding cannabis market and growing
consumer demand, performance of the agreements as intended and
disclosed herein; expected processing capacity of the Australian
facility and production of active pharmaceutical ingredients and
cannabinoid-based medicines. 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.
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