- New strategic partnership through the delivery of GMP extract to Germany for Vayamed, the medical cannabis business unit of Sanity Group
- Vayamed is a well-established operating medical cannabis company in Germany, where the medical cannabis market is expected to be worth €7.7 billion by 2028 according to Forbes
BARRIE, Ontario, Oct. 19, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce another GMP cannabis extract delivery to Germany. This delivery of formulated oil bottles further establishes the Company’s position as a leader in the wholesale of GMP cannabis oil to the European Union’s largest medical cannabis jurisdiction. This export is a key milestone in the Company’s goal of leveraging its pharmaceutical GMP licenses to increase consistent international medical sales.
The cannabis extract has been shipped to Vayamed from the Company’s GMP facility located in Victoria, Australia. The Company’s Australian operations have been licensed by the Office of Drug Control and Therapeutic Goods Administration of the Australian Government’s Department of Health, which has allowed the Company to unlock markets with strict regulatory requirements, including Australia and the European Union.
“As a pharmaceutical company specializing in precision-based cannabinoids MediPharm Labs continues to execute on delivering to its international partners. Making the deliveries to a leading company like Vayamed shows not only the demand for our quality products but the ability to navigate the complex regulations of international medical cannabis trade,” said Warren Everitt, CEO Asia Pacific, MediPharm Labs. “It further demonstrates the value provided by our Australian business, which is already becoming a key asset for the Company as it continues to ship GMP product to a growing international market.”
“MediPharm Labs convinced us with a high level of product competence and a company philosophy that fits perfectly to our portfolio strategy and with the brand vision of Vayamed: Medicine from Nature - customized for patients,” says Thimo V. Schmitt-Lord, Director Market Development & Sector Innovation, Vayamed, who is responsible for the company's strategic portfolio development.
The Company looks forward to completing additional deliveries to Vayamed under the strategic partnership agreement and assisting them in allowing more access for German medical patients seeking the therapeutic benefits of cannabis.
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 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, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes 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 completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Labs Australia was established in 2017.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing License for the extraction of natural cannabinoids.
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, statements regarding: the future size of the German medical cannabis market; increasing consistent international medical sales; growth of the international market; and expected further deliveries. 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.
All information contained in this press release with respect to Vayamed was supplied by Vayamed for inclusion herein.
