CANADA: MediPharm Labs, a leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce that its wholly-owned subsidiary, MediPharm Labs Inc. (“MediPharm Labs” or the “Company”), has entered into its first definitive international sales agreement, dated February 20, 2019, with AusCann Group Holdings Ltd. (“AusCann”) to supply private label purified, pharmaceutical grade cannabis oil concentrates, or resin, from MediPharm Labs’ own inventory of oil for export to Australia. AusCann will use MediPharm Labs’ concentrates to manufacture hard-shell cannabinoid capsules to address the medical patient demand and critical need for precision and consistency of dose in cannabinoid medicines.
“MediPharm Labs has quickly established a global reputation as the go-to producer of high quality, pharmaceutical grade cannabis concentrates at commercial scale. We are thrilled to have been selected by AusCann as a supplier of choice for their medical products and clinical trials,” said Patrick McCutcheon, Chief Executive Officer of MediPharm Labs. “As the first extraction-only LP to begin exporting to Australia, this agreement marks an important milestone that accelerates our expectations for future growth. Looking ahead, we expect to begin supplying additional international markets to build our robust global distribution platform.”
“MediPharm Labs’ significant market share combined with proprietary methodology ensures reliable supply of pharma-grade cannabinoid extracts and AusCann’s continued ability to develop and deliver quality cannabinoid medicines for distribution in Australia,” said Dr. Paul MacLeman, Interim CEO of AusCann. “Critical to our process is repeatability in manufacturing, reliable dosing, and purity assurance. MediPharm Labs’ concentrates will form an important foundation to our products that will allow delivery of effective, trusted and safe medicines for the treatment of chronic pain.”
This marks the Company’s first international export agreement and establishes MediPharm Labs as the first extraction-only licensed producer in Canada to commence exporting pharmaceutical grade cannabis oil to Australia. To date, MediPharm Labs has completed 5 private label sales agreement since receiving its sales license in November 2018. The first export of cannabis concentrate is expected be completed in the coming months, subject to regulatory requirements. The agreement has a two-year term. The Company expects to continue expanding its international distribution of its proprietary cannabis concentrate products for resale globally on a private label basis for medical markets. Initially this demand will be serviced from its wholly-owned, leading facility in Canada, and once its Australian laboratory, now under construction, is fully licensed and operational, Australia and Asia-Pacific demand can be addressed regionally.