BARRIE,
ON, Oct. 7, 2022 /PRNewswire/
- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:
MLZ) ("MediPharm Labs" or the "Company") a pharmaceutical company
specialized in precision-based cannabinoids, completed the sale of
MediPharm Labs Australia Pty ("MediPharm Labs Australia"), a fully
owned subsidiary of the Company, for a value of $7.25M AUD ($6.3M CAD) (the "Sale"). The sale was
completed with OneLife Botanicals PTY ("OneLife Botanicals")
effective October 6, 2022.
The Sale, as previously announced on July
11, 2022, includes the assets of MediPharm Labs Australia,
specialized licensing, operational knowledge, and Australian and
New Zealand customers currently
served from that facility. All international contracts outside of
Australia and New Zealand will remain with MediPharm Labs
Corp. and be serviced from the MediPharm Labs Barrie GMP
facility.
After an extensive sale process, the Agreement with OneLife
Botanicals was identified as a strategic fit for both parties.
OneLife Botanicals is an emerging leader in the Australia region for cannabis-based wellness
and medical products, with plans to launch OTC CBD products across
Australia. Purchasing the
MediPharm Labs Australia facility expediates OneLife Botanicals'
timing to commercialization.
Management Commentary:
David Pidduck, CEO of
MediPharm Labs
"The sale of the MediPharm Labs Australia assets improves the
Company's cash position while also reducing our cash burn. This
additional non-dilutive capital allows us to continue our
initiative to right-size our company and become profitable through
organic and inorganic growth.
I want to personally thank our Australian team for their
dedication and professionalism through the closing of this sale. I
wish them and OneLife Botanicals much success in their future
business pursuits."
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 for delivery of pure, trusted and
precision-dosed cannabis products for its customers. 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.
About OneLife Botanicals
OneLife Botanicals is a niche producer of medicinal cannabis in
Melbourne, Australia. The
company has a passion for developing and producing products that
provide a range of health benefits and assist in treating a range
of specific health conditions.
The company operates an existing cultivation site with extensive
Infrastructure, including fit for purpose glasshouses for growing
Medicinal Cannabis in a controlled environment. The glasshouses
facilitate the optimum growing environment through temperature and
climate control, allowing natural sunlight to be maximized in a
protected and secure environment.
The Directors and stakeholders are focused on identifying and
exploring market opportunities, along with embracing innovation in
the production processes. The success of the business is able to be
achieved with an extensive Research and Development program, aimed
at staying ahead of changes in growing methods, technological
solutions, and product applications, along with advanced automation
ensuring that we minimize operating expenditure and maximise
quality control.
The organisation is committed to make the health benefits of
this natural and powerful plant available to everyone seeking to
improve their One Life.
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; MediPharm Labs' future growth prospects; 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.