MediPharm Labs Receives Award for CBD Brand of the Year
-- MediPharm Labs pharma-quality CBD dominant oil line has been awarded CBD Brand of the year by KIND Magazine. -- MediPharm Labs' CBD products have seen steady revenue growth and notoriety in 2021, including on national television on an episode of CBC Marketplace.
BARRIE, Ontario, Dec. 22, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) ("MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce that it has been awarded best CBD brand of the year by Kind Magazine.
"MediPharm Labs is honoured to be selected as CBD Brand of the Year. The MediPharm CBD SKUs lead our wellness line of products which are produced to a pharmaceutical quality standard in a GMP licensed facility," said Bryan Howcroft, CEO, MediPharm Labs. "The award being voted by front line staff of cannabis retailers is a testament to our pharma-quality brand fulfilling wellness consumers' needs."
Kind Magazine is published across Canada and distributed in cannabis retail stores. The Kind Awards were determined by a panel of 235 frontline cannabis retail staff. MediPharm Labs has built a reputation for pharma-quality CBD, THC, and CBN oils, which consumers seek for wellness solutions. The advanced quality manufacturing process of MediPharm Labs was also featured on national television on CBC Marketplace as producers highlighted the pitfalls of the CBD black market and the advantages of licensed quality manufactures. The episode, The Truth About CBD, can be viewed online.
According to the Ontario Cannabis Store, Canada's largest cannabis distributor, in the most recent quarter, CBD-dominant products were the second-fastest selling category, 135 times faster than the slowest selling products. This trend is replicated across the country and provides MediPharm Labs with near term revenue improvement opportunity. The average direct margin on MediPharm CBD oil SKUs is healthy making the expansion of these sales beneficial to positive gross margin.
The Company looks forward to further communicating new CBD and other wellness products to improve revenue from Canadian distribution as well as act as proof of concept for international distribution and large pharmaceutical and natural health product contract manufacturing services enabled by the Company's unique GMP Drug Establishment and Natural Health Product manufacturing licenses.
Option Grant
The Company granted 1,000,000 stock options to its Chief Financial Officer, Greg Hunter, with an exercise price set at the close of business on December 17, 2021. Each option grant has a five-year term expiring December 17, 2026. The options vest in five equal instalments, the first of which vests immediately with the four other instalments vesting on the dates which are six, twelve, eighteen and twenty-four months from the grant date. The grants are subject to any necessary regulatory approvals.