MediPharm Labs Expands Distribution Revenue Footprint in Canada, Enters Growing Quebec Market Through New Supply Agreement
March 09 2021 - 7:30AM
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ)
(“MediPharm Labs” or the “Company”) a global leader in specialized,
research-driven cannabis extraction, distillation and derivative
products, is pleased to announce MediPharm Labs has entered into a
supply agreement with the Société Quebecois Du Cannabis (“SQDC”).
MediPharm Labs will supply the growing medical
and wellness market in Quebec with a variety of cannabis
concentrate based products from its growing portfolio of
proprietary and high demand formulations, many which are already
available to medical patients and adult-use consumers in 6
other provinces.
“As we continue to rapidly expand across the
globe, we are excited to continue driving growth in Canada by
expanding our distribution platform and increasing our local
presence in Quebec,” said Keith Strachan, President and
Interim CEO, MediPharm Labs. “Quebec, one of the largest consumer
markets in Canada, marks our seventh provincial distribution
agreement. With our expanded footprint, we are now bringing our
quality products to 95% of the retail market in Canada.”
MediPharm cannabis products will be for sale in
the Quebec adult-use market through the Société québécoise du
cannabis’ (SQDC) retail outlets and e-commerce platform. Supply
quantities will be determined based on demand on a month by month
basis.
In Canada, in addition to Quebec, MediPharm
Labs’ private and white-label cannabis products are available in
Ontario, Nova Scotia, Alberta, British Columbia, Manitoba and
Saskatchewan, with additional provinces expected to be added in
2021.
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 has fully commercialized its wholly-owned
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.com 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, statements regarding: the growing medical
and wellness market in Quebec; a growing portfolio of proprietary
and high demand formulations; driving growth in Canada; expand the
Company’s distribution platform; a growing population of medical,
health and wellness consumers; and new provincial and retail
distribution opportunities being added in 2021. 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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