BARRIE, Ontario, March 26, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce the launch of its new family of “MediPharm Labs” branded products to deliver high quality, innovative offerings to consumers in the medical and adult-use markets across Canada. With its sophisticated, pharmaceutical-quality GMP certified platform and R&D capabilities, MediPharm Labs has the ability to create best-in-class products, with the formulations, potency and purity to meet current needs and evolving consumer trends. MediPharm Labs new line of medical and wellness products are targeted for distribution across multiple patient and adult use channels in Canada.
The Company’s first product – MediPharm Labs CBD REGULAR FORMULA 25 – is a 25:1 High-CBD, Low-THC regular strength oil containing approximately 25 mg/mL of CBD to 1mg of THC. It’s made using full spectrum cannabis concentrate processed at MediPharm Labs’ GMP certified facility under strict manufacturing standards producing a product with exceptional quality and purity, having a unique flavour profile. The coconut/palm-based MCT carrier oil has been carefully chosen for its sustainable practices from plantation through manufacturing.
Additional MediPharm Labs branded products will follow in coming weeks and months, providing innovation through cannabinoid formulations, varied potencies and product formats.
“We are thrilled to be launching MediPharm Labs’ first branded products, answering the call from consumers and retailers for more choice of high-quality, innovative cannabis products,” says Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “True to our pharma roots, based on a foundation of quality, our first branded product is a high-concentration CBD oil, created by our expert pharmaceutical team, specifically for medical and wellness purposes. We believe our focus on purity, potency and price will make MediPharm Labs CBD REGULAR FORMULA 25 Canada’s preferred choice.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26fdab55-6da9-499c-8620-737c702fd68f
Market for MediPharm Labs Products
MediPharm Labs will launch their branded medical and wellness product line through multiple distribution channels to access the approximately 1.1 million Canadians currently using cannabis for medical purposes(1), according to Statistics Canada. The Company understands based off its market research that this customer base represents some of the most frequent users of cannabis and has potential to grow significantly. In a December 2019 Hill & Knowlton national study analyzing cannabis consumer attitudes and behaviours(2), 87% of regular cannabis consumers reported that medical and wellness was a factor in their use. Further, the non-psychotropic CBD product category was found to show the most promise with occasional/rare consumer types (30%) and non-users (38%) being significantly more likely to try these non-intoxicating products.
“Whether Cannabis is consumed for prescribed medicinal or wellness reasons, patients and consumers want to feel they can trust their product choices and know they are receiving pure, tested products that are properly dosed for a predictable, consistent experience. As a pharmaceutical-quality manufacturer, MediPharm Labs lives up to this brand promise,” says Mr. McCutcheon.
- Number and percentage of people reporting non-medical, medical, and both medical and non-medical cannabis use by age group, Canada (provinces only), second and third quarters combined 2019. Statistics Canada, accessible at https://www150.statcan.gc.ca/n1/daily-quotidien/191030/t002a-eng.htm
- Hill & Knowlton Strategies, Cannabis Consumer Analysis, Dec 2019 – https://hkstrategies.ca/en/cannabis-consumer-analysis/
As previously announced, MediPharm Labs will utilize its proprietary pharmaceutical-quality manufacturing platform, methodologies and scientific data to provide Medical Cannabis by Shoppers™ with a wide range of concentrate-based products starting with MediPharm Labs CBD REGULAR FORMULA 25.
MediPharm Labs will continue to expand its portfolio of products and develop other derivative products such as gel caps and topicals under its brand name. The Company’s in-house R&D team includes experts in chromatography, minor cannabinoid isolation, and water-soluble cannabinoid technologies to support these efforts.
Adapting to Evolving Industry Framework and to Meet a Growing Need
Following legalization of “Cannabis 2.0” products (all concentrate-based) in October of 2019, MediPharm Labs continued to evolve by delivering its first white label products, conducting sensory tests, process, package and distribute cannabis derivative products for others, including CPG companies and direct-to-consumer brands.
The newly authorized Cannabis 2.0 product cohort has been slow to rollout in Canada, leaving consumers with limited product choice. MediPharm Labs sees an opportunity where it can leverage its in-house product development and manufacturing expertise, along with its knowledge of consumer and patient categories, to launch products in targeted segments. MediPharm Labs will continue to sell wholesale cannabis inputs and provide contract manufacturing and white label service to others.
“Since inception, our focus has been to establish a strong foundation so that we could remain agile to quickly adapt in the ever-evolving cannabis landscape. We’ve seized opportunities available to us in Canada while continuing to build a multi-jurisdictional foundation to become a leader in emerging global medical cannabis markets. Launching our own branded medicinal and wellness brand fits into this strategy,” Mr. McCutcheon added.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates 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, they formulate, consumer-test, process, package and distribute 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 is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.
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 creation of best-in-class products meeting current needs and evolving trends; distribution of product through multiple patient and adult-use channels in Canada, including Shoppers Drug Mart; the development of additional derivative products such as soft gels and topicals; rapidly expanding cannabis market and growing consumer demand, performance of the agreements as intended and disclosed herein. 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 http://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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