MediPharm Labs Commences Construction of World-Class Extraction Facility in Australia
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WONTHAGGI-VICTORIA, Australia, June 18, 2018 (GLOBE NEWSWIRE) -- MediPharm Labs Inc. (“MediPharm”) is pleased to announce that it has commenced the construction of its world-class extraction facility in Australia, through its subsidiary MediPharm Labs Australia Pty. Ltd. (“MediPharm Australia”).
MediPharm Australia will operate in the South Gippsland region of Wonthaggi, 127km south east of Melbourne, where MediPharm Australia owns a large plot of industrial land acquired for the development of its purpose-built extraction facility. MediPharm Australia’s state-of-the-art extraction facility will have an initial footprint of approximately 10,000 square feet (1,000 square metres) and has been designed to produce the same superior pharmaceutical grade cannabis oil with a focus on downstream secondary extraction methodology, distillation, cannabinoid isolation, purification and research & development as its purpose-built Health Canada licenced cannabis oil production facility in Barrie, Ontario.
Federal legislation to enable the production and sale of cannabis for medical use and related research purposes was passed by Australia’s parliament in 2016. The new laws allow medical cannabis to be prescribed in Australia for the treatment of a variety of specific illnesses. Permits for the export of medicinal cannabis from Australia can also be granted by the Office of Drug Control under the Customs (Prohibited Exports) Regulations 1958 Act.
MediPharm Australia has completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia and anticipates receiving licensing approval within the next 4 months. Once licensed, MediPharm Australia plans to conduct a series of research & development exercises before submitting an application with the Therapeutics Goods Association, the final step required to commence local business operations.
MediPharm Australia is lead by the distinguished Australian entrepreneur Warren Everitt whose other business ventures include one of Asia Pacific’s leading digital marketing agencies and a business consulting group.
MediPharm looks forward to serving the Australian and neighboring markets with high quality, safe medical cannabis oil.
About MediPharm Labs Inc.
MediPharm is a pioneer in the cannabis industry by becoming the first company in Canada to successfully achieve a Licensed Producer approval for cannabis oil production without first receiving a cannabis cultivation license. This focus on cannabis concentrates allows MediPharm to work with its established, Health Canada approved, cultivation partners to produce pharmaceutical grade cannabis oil with a competitive advantage. MediPharm has signed a binding letter agreement with POCML 4 Inc. (“POCML”), a capital pool company listed on the TSX Venture Exchange (the “TSXV”), which outlines the general terms and conditions pursuant to which POCML and MediPharm have agreed to complete a transaction that will result in a reverse take-over of POCML by the shareholders of MediPharm (the “Transaction”).
For Additional Information Available:
Pat McCutcheon, President and CEO
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, among other things, to: the business and operations of MediPharm and MediPharm Australia; the completion of construction of the extraction facility in Australia; MediPharm’s expectations regarding Australian laws and licensing for MediPharm Australia and the proposed Transaction. 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; and the delay or failure to receive board, shareholder or regulatory approvals. 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 assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Released June 18, 2018