German Shipping Update
MediPharm Labs Achieves ExportMilestone, Ships Cannabis Oil fromAustralia to Germany
MediPharm Labs exports commercial shipment of medical cannabis products approvedby the Australian Therapeutic Goods Administration (TGA) to patients in GermanyAn export milestone for the Australian cannabis industry as an export hubGermany is one of the most heavily regulated export markets in the world, this exportmilestone strengthens MediPharm Labs’ and Australia's position as a leader in medicalcannabis productionBARRIE, Ontario, April 06, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX:LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs”) a global leader in specialized,research-driven pharmaceutical-quality cannabis extraction, distillation and derivativeproducts, today announced it has exported its first shipment of cannabis oil products,approved by the Australian TGA, to Germany. As a result, patients in Germany are now ableto access GMP-certified quality medical cannabis through MediPharm Labs Germandistribution partners.Only companies that have received Good Manufacturing Practices (GMP) certification arepermitted to export cannabis products into the German market. Only a handful of companieshave been successful in their attempts to export cannabis oils into the country. Thisachievement by MediPharm Labs demonstrates Australia’s pharmaceutical excellence andpositions Australia as a global leader in the production of cannabis medicines.“As this first shipment and first sales to Germany mark MediPharm Labs’ entry into theinternational pharmaceutical industry within a major European market, we are excited by theopportunities that lie ahead as we employ all of our value-added capabilities,” said WarrenEveritt, CEO, MediPharm Labs Australia.MediPharm Labs expects white label product shipments to its German customers tocontinue throughout 2021 and beyond. Upon full launch, MediPharm will work on innovatingtheir offering for the German market and expand supply to other European countries whereregulations allow.Keith Strachan, President and Interim Chief Executive Officer commented, “I am proud ofMediPharm Australia’s progress in licensing and operationalizing this unique GMP platform.This site Australian hub allows us to strengthen our focus of diversified revenue with multipleproducts in multiple jurisdictions.”The Growing German MarketCannabis has been permitted for therapeutic use in Germany since 2017 and may beprescribed by a doctor in the event of serious illnesses. With over 83 million inhabitantsbenefitting from broad access to healthcare services, Germany currently represents anestimated 75% of the current EU medical cannabis market. In 2020, more than 320,000cannabis prescriptions approved in Germany, based on average from January – Septemberextrapolated to 12 months.The Medical Cannabis Network reports the medical cannabis market in Germany is currentlyvalued at between €150m and €175m, despite only around 10% of the 20,000 pharmacies inGermany selling medical cannabis products today. With greater awareness and education,the Medical Cannabis Network estimates that Germany’s dominance in the Europeancannabis market could expand to €1.5bn by 2025.