BARRIE, Ontario, June 11, 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, is pleased to announce it will release and file its first quarter 2020 financial statements and management's discussion and analysis for the three-month period ended March 31, 2020 ("First Quarter Financial Information") before markets open on Thursday, June 18, 2020. MediPharm Labs executive management team will also host a conference call and audio webcast on Thursday, June 18, 2020, at 8:30 a.m. eastern time to discuss its financial results and outlook.
The Company also provided a summary of material business developments following its press release dated May 14, 2020.
- On June 8, 2020, the Company successfully completed a private placement, securing gross proceeds of $38.7 million, half of which are being held in escrow pending satisfaction of certain conditions including shareholder approval.
- This strategic capital provides enhanced balance sheet strength and flexibility as the Company accelerates the launch of Cannabis 2.0 offerings and new product formats, increases exports of Active Pharmaceutical Ingredients, and begins delivery on multiple global supply contracts. With this capital, Company is also moving forward in securing new contracts, including with large pharmaceutical and CPG companies, as it navigates the economic recession created by the COVID-19 pandemic.
- Expanded portfolio of global supply agreements; with new customer agreements in Australia, New Zealand and first UK-based customer.
- Entered into an agreement with Avicanna to produce Rho Phyto™ medical cannabis products and Pura Earth™ topicals under license for commercial sales through Medical Cannabis by Shoppers™ and received a license to use proprietary Avicanna formulations to develop additional MediPharm Labs and white label branded products for domestic and international markets.
- The Company expanded its pharma-quality MediPharm Labs family of products with the launch of its MediPharm Labs CBD50 Plus Formula, a formulated, high potency oil for medical and adult-use consumers.
- Introduced and completed delivery of the highly anticipated and innovative suite of Ace Valley Vape products under a white label agreement in several Canadian markets.
- Entered white-label supply agreement with Argentia Gold Corporation, a Canadian vertically integrated licensed producer, to bring premium cannabis-infused products to Atlantic Canada.
As previously announced, the Company reported that it is relying on the exemption provided in Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the "Blanket Relief") to postpone the filing of its unaudited interim financial statements and management discussion and analysis ("MD&A") for the three month period ended March 31, 2020.
Pending the filing of Interim Financial Information, members of the Company's management and other insiders remain subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Conference Call Information:
Toll-free number: 833-502-0471 / International number: 236-714-2179 / Conference ID: 5073099
Due to higher than normal volumes, participants are asked to dial in approximately 15 minutes before the start of the call.
Audio Webcast:
For those who are unable to participate on the live conference call and webcast, a replay will be available approximately one hour after completion of the call.
Replay Information:
Replay number: 800-585-8367 / International replay number: 416-621-4642/ Conference ID: 5073099
About MediPharm Labs
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, MediPharm Labs 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 Labs has completed commercial exports to Australia and is nearing commercialization of its Australian extraction facility. MediPharm Labs Australia was established in 2017.