MediPharm Labs Enters Denmark Medical Cannabis Market, Secures New White-Label Supply Customers
TORONTO, Sept. 01, 2020 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced it will supply cannabis concentrate products in Denmark to two new medical cannabis customers under two separate white-label agreements. These customers will be serviced by both GMP approved facilities, MediPharm Labs Inc. and MediPharm Labs Australia Pty Ltd (“MediPharm Labs Australia”). This marks MediPharm Labs’ first supply agreements for the export of finished products to Denmark.
Denmark granted patients legal access to cannabis-based medicinal products two years ago as part of a four-year pilot program. The program provides patients with safe product access and national health authorities with patient data that they can use to understand usage and efficacy. According to information complied by New Frontier Data and the Danish Ministry of Health, over 2,100 patients (primarily women between the ages of 42-64) received cannabis-based medicinal products from 429 prescribing doctors under this program in 2019.
“The express purpose of establishing a multi-jurisdictional, GMP-certified production capability is to lead the global cannabis market for medicinal, wellness and adult use applications and these agreements represent another step forward in realizing our ambitions,” said Pat McCutcheon, CEO, MediPharm Labs. “Getting in on the ground floor of the Danish medical market with new and innovative medical cannabis focused products positions us for additional growth in Europe and adds to MediPharm Labs all-important body of knowledge that we are leveraging to enhance the design of our formulations for patients and consumers everywhere.”
Under the agreements, one which has an initial two-year term and the second a one-year term - both subject to renewal, MediPharm Labs will supply a full range of specially formulated CBD and THC cannabis oil products that will be white-labeled for distribution.
MediPharm Labs anticipates delivery to its customers to begin in October 2020, pending regulatory approval by applicable health authorities.
GMP Certification Ignites Growth for MediPharm Labs Australia
“Since the beginning of 2020, MediPharm Labs Australia has secured several very attractive domestic and international supply agreements with high quality partners, now including new customers in Denmark,” said Warren Everitt, CEO, MediPharm Labs Australia. “This volume and the pace of new business wins are a clear and important validation of our decision to build a GMP certified cannabis extraction facility supply chain for world markets and a testament to MediPharm Labs growing profile and reputation. We look forward to ramping up production under all of these agreements.”
MediPharm Labs Australia received its Good Manufacturing Practice (“GMP”) certificate from the Therapeutic Goods Association in May 2020, which enables it to sell cannabis APIs and finished products to countries across the EU, including Denmark. The Company entered into its first European white-label cannabis supply agreement that same month with Therismos Limited.
About Denmark’s Medical Cannabis Market
Denmark launched its four-year medical cannabis pilot program on January 1st, 20181. Post-harvest Good Manufacturing Processes (GMP) is required for distribution of medical cannabis products in Denmark2.
Through the program, physicians can prescribe medical cannabis for all purposes and are guided by recommendations in four areas: pain caused by multiple sclerosis, pain caused by spinal cord damage, side effects from chemotherapy treatment and neuropathic pain that is due to brain, spinal cord or nerve damage3. The guidelines published by the Danish Medicines Agency are based on an extensive review of literature as well as assessments of: cannabis schemes in the Netherlands, Canada and Israel; previous cannabis drug approvals in Europe and the US; and scientific evidence by the National Academy of Sciences (USA, 2017).
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 is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.
1 Medicinal Cannabis Pilot Program. Retrieved: https://laegemiddelstyrelsen.dk/en/special/medicinal-cannabis/citizens/medicinal-cannabis-pilot-programme/
2 The Medical Cannabis Market in Denmark & Europe. Retrieved: https://www.openaccessgovernment.org/the-medical-cannabis-market-in-denmark-europe/80721/
3 The Danish Medical Cannabis Pilot Programme: Putting the Patient First. Retrieved: https://www.healtheuropa.eu/the-danish-medical-cannabis-pilot-programme-putting-the-patient-first/92991/
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, the successful performance of the agreements and shipping of products thereunder as planned; additional growth in Europe; and enhancing the design of formulations. 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.
Released September 1, 2020