April 20, 2022

MediPharm Labs Names Experienced Pharma and Med Tech Executive David Pidduck, as CEO

BARRIE, Ontario,  April 20, 2022 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS)  (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs”, “MediPharm” or the “Company”) a  pharmaceutical company specializing in precision-based cannabinoids, today  announced that it has appointed experienced Pharma and Med Tech executive  David Pidduck as Chief Executive Officer and Director of the Company. Mr.  Pidduck replaces outgoing CEO and Director Bryan Howcroft, who is stepping  down for personal reasons, effective today.

Mr. Pidduck brings more than 20 years of proven senior leadership experience  to MediPharm, including serving as President and CEO of a Canadian  pharmaceutical company, where he was also a member of the board of directors.  Over the course of his career, Mr. Pidduck has been involved in the  successful ground-up commercialisation of several products in both Canadian  and international markets and brings a track record of both organic execution  as well as M&A and integration expertise to the Company. Mr. Pidduck has  an MBA from Kellogg (Northwestern University) and an Honours Bachelor of  Business Administration from Wilfrid Laurier University.
 
Chris Taves,  Chairman of the Board commented, “We are very pleased to  welcome David Pidduck to MediPharm. The Company continues to make progress  building its sales pipeline both in Canada and internationally, driving  toward consistent revenue growth and profitability. With a strong background in  business development, strategy, and M&A within the Pharma and Med Tech  sectors, David is the right individual to lead the Company through this  formative period. On behalf of the Board, I would like to sincerely thank  Bryan for his contributions and wish him all the best.”
 
David Pidduck,  incoming CEO added, “I have watched the development of the  medical cannabinoid industry over the past several years with great interest  from my vantage point within the Pharma sector. Though the industry is still  developing, cannabinoid research interest continues to grow, and I believe we  may be approaching an inflection point where cannabinoids will become a  larger focus for traditional Pharma. Medical cannabinoid companies are not  created equal. In MediPharm, I see one of the very few organizations globally  that has the required sophistication to both operate within a stringent  Pharma environment, and scale rapidly to capitalize on this growth  opportunity. I look forward to contributing my experience in business and corporate  development to the team’s current efforts, with a focus on orienting the  Company toward both consistent organic growth and accretive M&A  activities to drive revenue growth, profitability and value for all  stakeholders.”
 
Bryan Howcroft,  outgoing CEO added, “I would like to thank the MediPharm  team, our customers and shareholders for their openness and willingness to  share feedback since I assumed the CEO role in late 2021. As the Company  continues to execute in Canada and international markets, David’s experience  building efficient, sales and growth-oriented teams in the precise  end-markets that MediPharm is targeting, will be critical to the Company’s  success. It has been a pleasure to serve as the Company’s CEO and I look  forward to watching MediPharm’s progress over the coming years.”
 
In connection with his appointment as CEO, Mr. Pidduck was awarded an  aggregate of 14,758,621 RSUs and granted an aggregate of 5,184,280 stock  options with an exercise price of $0.145 and a five-year term. The RSUs and options  vest in equal instalments over the next twenty-four months. The grants are  subject to any necessary regulatory approvals and a portion of the grants may  be subject to shareholder approval at the Company’s annual meeting of  shareholders to be held on June 30, 2022.
 
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 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, MediPharm Labs formulates,  develops (including through sensory testing), processes, packages and  distributes cannabis extracts and advanced cannabinoid-based products to  domestic and international markets.
 
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License  from Health Canada, becoming the only company in North America to hold a  domestic Good Manufacturing License for the extraction of natural  cannabinoids.
 
For further  information, please contact:
 
MediPharm Labs Investor Relations

Telephone: +1 416.913.7425 ext. 1525
Email: 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: building a  sales pipeline both in Canada and internationally; driving toward consistent  revenue growth and profitability; scaling rapidly to capitalize on this growth  opportunities; consistent organic growth and accretive M&A to drive  revenue growth, profitability and value for all stakeholders; increased  sales; and delivering profitable growth in the future. 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 https://link.edgepilot.com/s/85348a4c/aCl7p80Ovk2JO7n3C6WTKg?u=http://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.