MediPharm Labs Extends Strategic Partnership with ADREXpharma and continues to Build its Presence in Germany
- MediPharm and ADREXpharma continue to lead the way addressing rising patient demand in the burgeoning German Medical Cannabis Market that saw sales increase 34% last year
- 128,000 active patients at end of 2020; German patients spent an average of $500EUR per month, finished products and extract sales continue to gain market share
- MediPharm and ADREXpharma on track to deliver subsequent shipments to Germany in Q2 2021, completed first shipments in Q1 2021
- ADREXpharma is Germany’s largest independent privately owned Medical Cannabis company with deep pharma market expertise.
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm” or the “Company”), a global leader in specialized, research-driven pharmaceutical-quality development and manufacture of cannabis API and derivative products, is pleased to announce that it has extended its supply agreement (the Agreement) with ADREXpharma® GmbH (“ADREX”), a leading developer and distributor of medicinal cannabis in the European market. The Agreement was renewed for 5 years, to June 2026, with a mutual option to extend further.
MediPharm supplies ADREX with high quality, purity assured, THC and CBD cannabis products for sale and distribution in Germany to approximately 19,000 pharmacies that could provide access to cannabis products over time.
Over the past year, with the support of ADREX, MediPharm has firmly established its presence and foothold in Germany as the go-to-supplier of cannabis products and regulatory leader in the field of cannabis for pharmaceutical companies. MediPharm and ADREX pioneered and progressed German regulatory acceptance of EU GMP cannabis API and finished dosed products from Canada and Australia.
As a result, MediPharm successfully completed its first shipment of cannabis product to ADREX in Q1 2021 and is on track to deliver its next shipments to Germany in Q2 2021.
“With our global platform purpose built to good manufacturing practices, MediPharm has established a strong foothold in the nascent, but burgeoning, German cannabis market,” said Keith Strachan, President and Interim CEO, MediPharm. “Our collaboration with ADREX has been an important and strategic step in our growth in this attractive market. We will continue to work together, combining ADREX’s experience and local networks with our licences, production and supply chain capabilities, to ensure German patients gain access to the high-quality cannabis products they can trust.”
“We are excited having launched the first products produced by MediPharm in the growing German market and to expand our international footprint with this strategic collaboration,” said Mario Eimuth, Founding Partner, ADREXpharma. “Our mission is to serve and offer the best therapeutical options to all patients in need in Germany. MediPharm is a leading global manufacturer of medical cannabis products and we are looking forward to expanding our partnership even further in the next coming months in order to meet the increasing demand in the German market.”
Germany has become Europe’s largest market with a patient base that has grown to 128,000. This helped drive Germany’s medical cannabis market sales up 34% in 2020. Also, according to Prohibition Partners latest European report, Germany’s patient base is expected to continue to increase as development of the medical cannabis system is still ongoing, with the streamlining of wholesale pricing regulations being an important next step. The market is also expected to continue to move towards more extract-based medicine instead of flower-based products.
ADREXpharma® GmbH is an independent German pharmaceutical company which is specialized in the development and distribution of medicinal cannabis in the European market. ADREXpharma developed several dosages (extracts, powder, resin, flowers) for the growing pharma market in Germany. Due to its unique supply network, ADREXpharma serves all of the approximate 19,000 pharmacies in Germany and is market-leader in pharmacies for several product categories. ADREXpharma is committed to quality, authenticity and innovation, as well as to contributing to the growing body of evidence-based research regarding the benefits and efficacy of cannabis to validate new therapy options for patients. ADREXpharma aims to provide the best possible treatment for medical cannabis patients – today and always.
Founded in 2015, MediPharm 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 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 formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm has completed commercial exports to Australia and completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Australia was established in 2017.
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 agreement as planned; delivering subsequent shipments to Germany in Q2 2021; having a strong foothold in the nascent, but burgeoning, German cannabis market; having a foothold in Germany as the go-to-supplier of cannabis products and regulatory leader in the field of cannabis for pharmaceutical companies; growth in the German market; and growth of the German cannabis market. 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 to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm’s 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 assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
All information contained in this press release with respect to ADRES was supplied by ADREX for inclusion herein.
For further information, please contact: Laura Lepore, VP, Investor Relations Telephone: +1 416.913.7425 ext. 1525 Email: [email protected] Website: www.medipharmlabs.com
Released June 8, 2021