MediPharm Labs Secures 100% Ownership of its Australia Subsidiary, Poised for New Wave of Global Medicinal Cannabis Growth
2020年9月28日 - 7:59PM
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, today announced it has entered into a share
sale and purchase agreement (the “Buyout Agreement”) with its local
Australian partner to acquire its 20% ownership interest in the
Company’s 80%-owned subsidiary MediPharm Labs Australia. Upon
closing of the Transaction, MediPharm Labs Australia will be a
wholly-owned subsidiary of the Company.
“Since our founding, MediPharm Labs Australia
has been a cornerstone of our strategy to develop a
multi-jurisdictional, GMP-certified production capability chain to
service worldwide medicinal, wellness and adult-use markets,” said
Pat McCutcheon, CEO, MediPharm Labs. “Now a wholly-owned
subsidiary, MediPharm Labs Australia will continue to represent a
strategic segment of our global supply chain and a highly sought
after, valuable and irreplaceable asset that differentiate us in
the marketplace. With our Australia GMP certified manufacturing
assets and licences from the Therapeutic Goods Administration, we
are perfectly positioned for the next wave of growth in global
cannabis markets as MediPharm Labs Australia continues to serve as
a door-opener to sophisticated new pharma accounts and new
medically focused cannabis companies in emerging international
jurisdictions.”
Under the Buyout Agreement, MediPharm Labs will
pay consideration of approximately $3.2 million comprising a mix of
37.5% cash to be paid in three instalments over an 18 month period
and 62.5% MediPharm Labs common shares priced based on the 5-day
VWAP on the TSX (the "Transaction"). The common share portion of
the consideration will be subject to a twelve-month lock-up.
Poised for New Wave of Global Medicinal
Cannabis Growth
The Company’s Australian facility was certified
by the Therapeutic Goods Administration (“TGA”) as meeting the GMP
standard and secured a Licence to Manufacture Therapeutic Goods in
May 2020. As the Company’s Canadian facility was TGA GMP certified
in late 2019, MediPharm Labs has created a global
pharmaceutical-quality supply chain that is qualified to serve new
emerging medical markets internationally. Since the end of 2019,
MediPharm Labs Australia has signed a number of significant
domestic and international customer supply agreements and achieved
revenue of $625,000 in its first month of operations from the
shipment of formulated CBD and THC oils to its customers. These
shipments were the product of synergies between MediPharm Labs’
Canadian and Australian supply chain made possible by a large
shipment of finished products and bulk oil from the Company’s
GMP-certified facility in Barrie, Ontario to Australia. The Company
intends to continue taking advantage of its internal supply
pipeline on a strategic basis as it targets new supply agreements
to expand its international market share.
About MediPharm Labs Corp.
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.
For further information, please
contact: Laura Lepore, VP, Investor Relations Telephone:
705-719-7425 ext 1525Email: investors@medipharmlabs.comWebsite:
www.medipharmlabs.com
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 successful closing of the Transaction
AND performance of the Buyout Agreement leading to MediPharm Labs
Australia becoming a wholly-owned subsidiary 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 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.
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