TORONTO, Feb. 10,
2025 /PRNewswire/ - MediPharm Labs Corp.
(TSX: LABS) (OTCQX: MEDIF) ("MediPharm", "MediPharm Labs" or
the "Company") has terminated the previously announced sale of its
facility in Napanee, Ontario (the
"Napanee Facility") to Kensana Health Inc. ("Kensana Health"),
which was to be completed through the sale of the Company's
wholly-owned subsidiary ABcann Medicinals Inc. ("ABcann") to
Kensana Health pursuant to the terms of a share purchase agreement
(as amended, the "Purchase Agreement") entered into with Kensana
Health (the "Transaction").
The Company has given notice of termination as required under
the Purchase Agreement, as Kensana Health did not meet certain
agreed upon terms and conditions within the timelines set out
therein. Pursuant to the terms of the Purchase Agreement, MediPharm
Labs will retain certain non-refundable deposits received from
Kensana Health. For further details regarding the Transaction,
please see the Company's press releases dated December 17, 2024 and January 16, 2025.
MediPharm Labs' current, commercial agreements and operations at
the Napanee Facility, are expected to continue without
disruption.
MediPharm's experience in highly regulated global markets and
unique suite of internationally recognized licenses has positioned
the Company as a partner of choice to bring Canadian products to
international markets. We are seeing increasing demand for our
international Business to Business ("B2B") GMP services in both
Barrie and Napanee.
"Growing our profitable international revenue was a critical
element of our success in 2024. We will continue to use the Napanee
Facility to capitalize on international opportunities in 2025" said
David Pidduck, CEO of MediPharm
Labs.
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 Company's ability to continue
operations without disruption at the Napanee Facility; the
Company's ability to grow profitable international revenue; the
Company's ability to use the Napanee Facility to capitalize on
international opportunities in 2025; 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
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/medipharm-labs-announces-termination-of-the-proposed-sale-of-napanee-facility-to-kensana-health-302372047.html
SOURCE MediPharm Labs Corp.