Award endorses MediPharm Labs Business Model
TORONTO, Dec. 04, 2018 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS) (the “Company” or “MediPharm Labs”) has been named the Cannabis Start-up of the Year at the recent Canadian Cannabis Awards, hosted by Lift & Co. Corp. (“Lift & Co.”) (TSXV: LIFT). The Start-up of the Year Award was voted on by a judging committee which chose MediPharm Labs under these award criteria: This company exemplifies the qualities that define promising start-ups: plucky, innovative and creative. Its top-notch team identifies and solves industry problems and contributes beneficially to the cannabis sector at-large.
MediPharm Labs has taken its place as an agnostic supplier of purified cannabis concentrates to the cannabis industry. It is the first and only Canadian cannabis company to be licensed only for the production and sales of extracted cannabis oil, without also being a cultivator. Rather than being vertically integrated from seed to sale like other LPs, MediPharm Labs has chosen a specialized business model of being laser-focused on the production of purified cannabis concentrates and isolates.
Thank you to the industry for this Award and vote of confidence. As the first-mover in the extraction segment of the supply chain, we’ve had the opportunity to develop expertise, leadership and scale that our industry compatriots can call on now and into the future as the industry inevitably progresses towards advanced derivative products such as infused beverages, edibles, topicals and vape products.
Pat McCutcheon, President and Chief Executive Officer of MediPharm Labs
MediPharm Labs produces the active ingredients and has expertise in product formulations needed to produce current and future medical and recreational products.
A frontrunner in cannabis extraction and purification, MediPharm Labs has invested in an expert team, state-of-the-art technology, advanced proprietary methodologies and purpose-built facilities to deliver pure, safe and precisely dosable cannabis concentrates. Under the leadership of 28-year pharmaceutical industry career man, Chief Operating Officer, David Mayers, and with the renowned guidance / discipline of our Director of Quality Control & Assurance, Dr. Chris Talpas, MediPharm Labs has developed proprietary methodologies and operational efficiencies which have been leveraged to build a growing library of purified concentrates and distillates to be formulated for its industry partners.
MediPharm Labs’ core business comprises two revenue streams: WHITE LABEL PRODUCTION which involves MediPharm creating its own inventory of purified concentrates and isolates which can be formulated, processed and packaged for sale to LPs to retail under their own brand names; and CONTRACT PROCESSING, which involves fee-for-service extraction for LPs.
To date, MediPharm Labs has signed numerous partnership agreements to support these two areas of its business, while in negotiation and finalizing additional agreements with several other Licensed Producers.
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.
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.