TORONTO, Jan. 09, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS; OTCQB: MLCPF) (the “Company” or “MediPharm Labs”), a specialized, research-driven cannabis extraction business, fully licensed under the Cannabis Act (Canada) focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification, is pleased to announce over the last week, members of MediPharm Board of Directors and management team have increased aggregate shareholdings following the exercise of 5,445,806 options. Together with prior holdings, total management shareholdings increased to over 39% of issued and outstanding common shares in the capital of the Company (“Shares”).
Following a tremendous 2018, our Board of Directors and management team are extremely confident in the future of MediPharm and believe the Company is notably undervalued. The strategic investments we have made in people, custom-built equipment and leading extraction technology, will enable MediPharm to take advantage of several new near-term opportunities, including the second phase of cannabis legalization in Canada, to create significant shareholder value over the short and long term.
Mr. Pat McCutcheon, President & CEO, MediPharm Labs
The Company also announced the Board of Directors has approved a grant of stock options under its stock option plan to purchase an aggregate of 5,309,900 Shares at an exercise price of $2 per Share, being the closing price of the Shares on the TSX Venture Exchange on January 8, 2019, for a five-year term expiring January 8, 2024. Each grant vests in five equal instalments, the first of which vests immediately with the four other instalments vesting on the dates which are six, twelve, eighteen and twenty-four months from the grant date. The stock options were granted to directors, officers, employees and consultants of the Company and are subject to any necessary regulatory approvals.
About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from its cGMP (current Good Manufacturing Practices) and ISO standard-built clean rooms and critical environments laboratory, allows MediPharm Labs to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm Labs provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand. In addition, MediPharm Labs will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. MediPharm Labs was awarded Start-Up Of The Year at the recent Canadian Cannabis Awards hosted by Lift & Co.
Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.