- MediPharm Labs sold vacant land in Napanee, Ontario last utilized in 2021 for
outdoor cannabis growing activities. The land was acquired by
MediPharm as part of the VIVO Cannabis acquisition in April 2023.
- The net cash proceeds of $1.9
million adds non-dilutive capital to MediPharm's strong
balance sheet.
- The $1.9 million cash is in
addition to $7 million annualized
synergies already executed since the closing of the VIVO Cannabis
acquisition in April 2023
TORONTO, Sept. 5,
2023 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS)
(OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the
"Company") a pharmaceutical company specialized in precision-based
cannabinoids, is pleased to announce it has completed the sale of
vacant land for net proceeds of $1.9 million
dollars.
On August 30, 2023, MediPharm
completed the sale of 291 Kimmett's Side Road, Napanee, Ontario, for net proceeds of
$1.9 million. This land was
previously used by VIVO Cannabis for outdoor cannabis growing. The
land has not been utilized since 2021.
This sale of surplus land adds non-dilutive capital to the
Company and is one of the many benefits of the successful VIVO
transaction. Since closing the transaction, the Company has already
executed approximately $7 million in
annualized savings as it progresses towards a synergy target of
$7-9 million on an annual basis.
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
develops, formulates, processes, packages and distributes cannabis
and advanced cannabinoid-based products to domestic and
international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug
Establishment License from Health Canada, becoming the only company
in North America to hold a
commercial scale domestic Good Manufacturing License for the
extraction of multiple natural cannabinoids. The Company carries
out its operations in compliance with all applicable laws in the
countries in which it operates.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded
MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce
platform, and in Australia and
Germany through Beacon Medical PTY
and Beacon Medical GMBH. This acquisition also included Harvest
Medical Clinics in Canada which
provides medical cannabis patients with Physician consultations for
medical cannabis education and prescriptions.
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. In this news release, forward-looking statements relate
to, among other things, a future synergy target of $7-9 million on an annual basis. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/medipharm-labs-completes-sale-of-vacant-land-for-cash-proceeds-of-1-9-million-301917671.html
SOURCE MediPharm Labs Corp.