MediPharm Labs Submits Application to List on NASDAQ
BARRIE, Ontario, Nov. 05, 2019 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation and purification, is pleased to announce it has filed an application to list its common shares on the NASDAQ Stock Market (the "NASDAQ"). The Company will continue to maintain the listing of its common shares on the Toronto Stock Exchange under the symbol "LABS".
“We are thrilled to be entering the next phase of growth at MediPharm Labs including cross-listing on the NASDAQ, one of the world’s foremost exchanges for emerging markets and technology, such as the burgeoning cannabis sector,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Listing alongside our peers on the NASDAQ will enhance our visibility and access to a larger base of institutional and retail shareholders in the U.S. and globally.”
In advance of its anticipated listing on the NASDAQ, MediPharm Labs will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission (the “SEC”).
The listing of the Company's common shares on the NASDAQ remains subject to the approval of the NASDAQ and the satisfaction of all applicable listing and regulatory requirements, including the SEC declaring the Form 40-F Registration Statement effective. The Company will provide updates on its progress upon receiving final approval.
About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices designed facility and 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 having 300,000 kg of annual processing capacity to deliver pure, trusted and precisely-dosed cannabis products for its customers. Through its wholesale, white label and tolling platforms, the Company formulates, processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, the Company has also completed commercial exports to Australia and is nearing completion of its Australian extraction facility expected in 2019 with 75,000 kg of annual processing capacity.
For further information, please contact:
Laura Lepore, Vice President, Investor Relations & Communications
Telephone: 705-719-7425 ext 216
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 and United States 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, cross-listing on the NASDAQ; filing a Form 40-F Registration Statement; the SEC declaring the Form 40-F Registration Statement effective; enhancing visibility and access to investors resulting from NASDAQ cross-listing; completion of the Company’s Australian facility and timing thereof; and expected processing capacity of the Australian facility. 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 the Company to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in the Company’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, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
Released November 5, 2019