LABS VIVO Cannabis Inc

BARRIE, ON, June 30, 2022 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) ("MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, today announced the results of matters voted on at its annual meeting of holders of common shares held on Thursday, June 30, 2022 (the "Meeting"). The voting results for each of the matters presented at the Meeting are outlined below.

There were 293 shareholders represented virtually or by proxy at the Meeting holding 56,374,684 common shares, representing 20.564% of MediPharm Labs total issued and outstanding common shares as at the record date for the Meeting. As the Meeting was held virtually, all resolutions were passed by a ballot vote.

1.                   Election of Directors

Each of the nominees for election as directors were elected as directors of MediPharm Labs for the ensuing year or until their successors are elected or appointed. Voting results for the election of the individual directors are as set out below:

At the completion of his term, Dr. Paul Tam did not run for re-election for the Board of Directors and effective today resigned from the position. The Company's Board of Directors continues to be composed entirely of Independent Directors, with David Pidduck being the only Executive Director.

2.                   Appointment of Auditor

KPMG LLP, Chartered Professional Accountants, was appointed auditor of MediPharm Labs until the next annual meeting of the holders of the Shareholders at remuneration to be fixed by the directors. Voting results are as set out below:

3.                   Amendment to Equity Incentive Plan

An amendment was approved to the Company's rolling long-term omnibus equity incentive plan to increase the plan limit from 10% to 15%. Voting results are as set out below:

The amended equity incentive plan will, among other things, provide the Company with an equity-based mechanism to attract, retain and motivate qualified directors, employees, and consultants, to reward contributions towards the Company and to enable and encourage long-term investment in the Company.

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.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment Licence from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing Licence for the extraction of natural cannabinoids. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

Website: 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. Forward-looking statements are necessarily based upon several 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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SOURCE MediPharm Labs Corp.