MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ)
(“MediPharm Labs” or the “Company”), a leader in specialized,
research-driven cannabis extraction and cannabinoid isolation, is
pleased to announce that it has signed a multi-year contract
manufacturing agreement (“CMA”) for the filling and packaging of
vaporizer devices, subject to approval by Health Canada, for Cronos
Group Inc.’s (NASDAQ:CRON) (TSX:CRON) (“Cronos Group”) adult-use
brand, COVE™.
MediPharm Labs Inc. (“MediPharm”), a
wholly-owned subsidiary of the Company, and a wholly-owned
subsidiary of Cronos Group, entered into a CMA where MediPharm,
utilizing its proprietary expertise and equipment, will provide
filling of high-quality formulated concentrate, labelling and
packaging services to exacting specifications at scale for Cronos
Group. The initial term of the agreement is two years with an
option for renewal.
“On the eve of legalization of concentrates
products in Canada, we are delighted to add Cronos Group, to our
expanding turnkey white-label platform,” said Pat McCutcheon, CEO
of MediPharm Labs. “By leveraging our specialized expertise,
technology and industrial scale vape filling capabilities, we will
assist Cronos Group in delivering high quality, purity assured and
Health Canada approved, derivative products further advancing their
industry leading reputation and enhancing the supply chain in this
important new category.”
This is the second collaboration between the
companies. In May 2019, MediPharm Labs signed a multi-year private
label bulk resin supply agreement and a cannabis concentrate
program agreement with Cronos Group.
“Working with MediPharm Labs gives us the
quality and optionality that we are looking for as we introduce our
proprietary vape pen formulations,” said Mike Gorenstein, CEO of
Cronos Group. “We are committed to continuing to the lead the
industry responsibly as derivative products are introduced to the
expanding Canadian marketplace.”
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid
company with international production and distribution across five
continents. Cronos Group is committed to building disruptive
intellectual property by advancing cannabis research, technology
and product development. With a passion to responsibly elevate the
consumer experience, Cronos Group is building an iconic brand
portfolio. Cronos Group’s portfolio includes PEACE NATURALS™, a
global health and wellness platform, and two adult-use brands,
COVE™ and Spinach™. To learn more about Cronos Group and its
brands, please visit: www.thecronosgroup.com;
www.peacenaturals.com; www.covecannabis.ca;
www.spinachcannabis.com
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in
the production of purified, pharmaceutical-like cannabis oil and
concentrates and advanced derivative products utilizing a Good
Manufacturing Practices designed facility and 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 having 300,000 kg of annual processing capacity to
deliver pure, safe and precisely dosed cannabis products for its
customers. Through its wholesale, white label and tolling
platforms, they formulate, process, package and distribute cannabis
extracts and advanced cannabinoid-based products to domestic and
international markets. As a global leader, the Company also
completed its first commercial export to Australia in June 2019 and
is nearing completion of its Australian extraction facility
expected in 2019 with 75,000 kg of annual processing capacity.
For further information, please contact:
Laura Lepore, VP, Investor Relations Telephone: 705-719-7425
ext 216
Email: 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 manufacturing, supply and legalization
of vape pen devices and timing thereof, completion of MediPharm
Labs’ Australian facility and timing thereof, and expected
processing capacity of the Australian facility. 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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