TORONTO, Sept. 24, 2019 (GLOBE NEWSWIRE) — 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 its first private label sales agreement for export to Europe, with ADREXpharma® GmbH (“ADREXpharma”), a leading licensed wholesale distributor of controlled drugs and medical cannabis which can serve all of the approximate 20,000 pharmacies across Germany. Through its private label solutions platform, MediPharm Labs will supply ADREXpharma with high quality, purity assured, cannabis concentrate derivative products, including THC and CBD oil, for sale and distribution under the ADREXpharma brand in Germany upon receipt of applicable regulatory approvals.
“Germany is one of the largest and fastest growing medical cannabis markets in the world and represents MediPharm Labs’ second major international milestone as we prepare to export our private label cannabis concentrates into Germany,” said Pat McCutcheon, CEO of MediPharm Labs. “We are excited to be partnering with ADREXpharma, leveraging their deep expertise and local distribution to bring high quality, purity assured cannabis derivative products into the German market and expand our international exports.”
“MediPharm Labs shares our patient-centric focus and is an ideal partner for us to serve German patients in need,” said Mario Eimuth, Chief Executive Officer, ADREXpharma. “We are thrilled to partner with MediPharm Labs to extend our product range within the medicinal cannabis market with the highest pharmaceutical quality and to bring MediPharm Labs’ expertise in the cannabis extraction business to Germany.”
About the German Medical Cannabis Market
The German medical cannabis market has become one of the largest growing medical cannabis markets outside of North America. According to a Bank of Montreal report dated August 25, 2019, since legalization in 2017, German medical cannabis patient numbers have increased from 1,000 to an estimated 30,000 – 50,000 patients with patients paying higher average prices than in Canada. Further, another report published by the Bank of Montreal in November 2018 estimated the European Union medical cannabis market size could reach $30 billion by 2026.
ADREXpharma® GmbH is an independent German pharmaceutical company which is specialized in the development and distribution of medicinal cannabis in the European market. ADREXpharma developed several dosages (extracts, powder, resin, flowers) for the growing pharma market in Germany. Due to its unique supply network, ADREXpharma can serve all of the approximate 20,000 pharmacies in Germany. ADREXpharma is committed to quality, authenticity and innovation, as well as to contributing to the growing body of evidence-based research regarding the benefits and efficacy of cannabis to validate new therapy options for patients. ADREXpharma’s aim is to provide the best possible treatment for medical cannabis patients – today and always.
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.
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 export of cannabis products to Germany and receipt and timing of applicable regulatory approvals therefor, the ultimate distribution of product to German pharmacies, the 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.
Get Real-Time Updates from MJobserver.com