TORONTO, Jan. 16,
2025 /PRNewswire/ - MediPharm Labs Corp.
(TSX: LABS) (OTCQX: MEDIF) ("MediPharm", "MediPharm Labs" or
the "Company") is pleased to provide an update with respect to the
previously announced sale of its facility in Napanee, Ontario (the "Napanee Facility") to
be completed pursuant to the terms of a share purchase agreement
(the "Purchase Agreement") entered into with Kensana Health Inc.
("Kensana Health") through a disposition of all of the Company's
indirect equity interests in its wholly-owned subsidiary ABcann
Medicinals Inc. ("ABcann") to Kensana Health for $5.5
million in cash (the "Transaction").
MediPharm Labs and Kensana Health continue to advance towards
closing of the Transaction and have agreed to extend the outside
date for closing as provided in the Purchase Agreement to
January 31, 2025. Completion of the
Transaction remains subject to customary closing conditions and
receipt of all necessary approvals, as applicable. Operations
continue at the Napanee Facility without disruption. For further
details regarding the Transaction, please see the Company's press
release dated December 17, 2024.
About Kensana Health
Kensana Health is a Canadian private company with global
operations. Kensana Health is a unique hybrid biotechnology company
with an experienced team within the pharmaceutical industry,
including world renowned experts in plant-based medicines, as well
as chronic wounds. Following the principles of Environmental,
Social, and Governance (ESG), Kensana Health was built on a
vertically integrated model, allowing for the control of all
aspects of the supply chain. Kensana Health is able to
simultaneously generate revenue with their proprietary and
patent-protected phytopharmaceutical formulations while Kensana
Health moves forward towards achieving multiple full drug
registrations globally. Kensana Health carries out its operations
in compliance with all applicable laws in the countries in which it
operates.
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 GMP-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
for delivery of pure, trusted and precision-dosed cannabis products
for its customers. MediPharm Labs develops, formulates, processes,
packages and distributes cannabis and advanced cannabinoid-based
products to domestic and international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug
Establishment License from Health Canada, becoming the only company
in North America to hold a commercial-scale domestic Good
Manufacturing Practices License for the extraction of multiple
natural cannabinoids. This GMP license was the first step in the
Company's current foreign drug manufacturing site registration with
the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded
MediPharm's reach to medical patients in Canada via Canna
Farms medical ecommerce platform, and
in Australia and Germany through Beacon Medical
Australia PTY Ltd. and Beacon Medical Germany GMBH. This
acquisition also included Harvest Medical Clinics
in Canada which provides medical cannabis patients with
Physician consultations for medical cannabis education and
prescriptions.
The Company carries out its operations in compliance with all
applicable laws in the countries in which it operates.
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 Transaction; the Company and Kensana
Health's ability to close the Transaction prior to the outside date
as provided in the Purchase Agreement; ABcann's ability to continue
operations without disruption at the Napanee Facility; and the long
term outlook of the business and future success of the Company.
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 or Kensana
Health to obtain adequate financing; the delay or failure in
receiving regulatory approvals; and other factors discussed in
MediPharm Labs' continuous disclosure filings, available on the
SEDAR+ website at www.sedarplus.ca. 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.
Website: www.medipharmlabs.com
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SOURCE MediPharm Labs Corp.