MediPharm Labs Australia Receives Government Grant to Assist with International Expansion
- Received first instalment of a government grant for $330,000AUD as part of the Australian government’s Manufacturing Modernisation program aimed at supporting manufacturers scaling their businesses.
- Grant to be used for automation of downstream manufacturing and scaling purification abilities.
- Government grant as part of broader manufacturing sector funding demonstrates the backing of the medical cannabis industry by the Australian federal government and recognition of MediPharm Labs Australia’s role in this industry.
BARRIE, Ontario, Aug. 19, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a pharmaceutical company that specializes in cannabis, is pleased to announce it’s wholly owned subsidiary MediPharm Labs Australia Pty Ltd (“MediPharm Labs Australia”) has been awarded $330,000 as part of the Australian Government’s $50 million Manufacturing Modernisation Fund. This funding is part of a key initiative to support businesses transforming manufacturing and supporting job growth. MediPharm Labs Australia has now received the first instalment of this grant.
The Manufacturing Modernisation Fund is focused on investing in small and medium sized Australian enterprises, with the intended outcomes of the program being:
- increased innovation and enhanced productivity in Australian manufacturing operations; and
- increased job opportunities and upskilling in the Australian manufacturing sector.
Medipharm Labs Australia intends to use the funds to increase the efficiency of its cannabis purification system and enhance the automation of its primary packaging manufacturing process.
The enhanced automation of these production processes will allow MediPharm Labs Australia to service its growing domestic and international client base along with the anticipated increase in demand for its products.
In Q1 2021, MediPharm Labs Australia made it’s first shipments to STADA and AdrexPharma in Germany. In Q2 2021, MediPharm Labs Australia, made shipments to a further two customers in Germany.
“Through the awarding of this grant, the Australian Government has recognised MediPharm Labs as a key player in the Australian cannabis industry and the manufacturing sector. This grant will allow MediPharm Labs to invest in innovation which will boost productivity to accelerate its expansion plans to execute on its global strategy - a great outcome for our Company’s growth trajectory,” said Warren Everitt, CEO Asia Pacific, MediPharm Labs.
The Company looks forward to further announcing executed progress on this project and how it will lead to revenue growth opportunities.
About MediPharm Labs
Founded in 2015, MediPharm is a pharmaceutical company that specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients 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 four 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 Labs 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, statement regarding: increased efficiency; enhanced automation; growing domestic and international client base; anticipated increase in demand for products; boosted productivity; accelerated expansion plans; and execution on the Company’s global strategy. 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.
For further information, please contact: MediPharm Labs Investor Relations Telephone: +1 416.913.7425 ext. 1525 Email: [email protected] Website: www.medipharmlabs.com
Released August 19, 2021