-- MediPharm Labs sold vacant land in Napanee, Ontario last utilized in 2021 for outdoor cannabis growing activities. The land was acquired by MediPharm as part of the VIVO Cannabis acquisition in April 2023. -- The net cash proceeds of $1.9 million adds non-dilutive capital to MediPharm's strong balance sheet. -- The $1.9 million cash is in addition to $7 million annualized synergies already executed since the closing of the VIVO Cannabis acquisition in April 2023
TORONTO, Sept. 5, 2023 /CNW/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce it has completed the sale of vacant land for net proceeds of $1.9 million dollars.
On August 30, 2023, MediPharm completed the sale of 291 Kimmett's Side Road, Napanee, Ontario, for net proceeds of $1.9 million. This land was previously used by VIVO Cannabis for outdoor cannabis growing. The land has not been utilized since 2021.
This sale of surplus land adds non-dilutive capital to the Company and is one of the many benefits of the successful VIVO transaction. Since closing the transaction, the Company has already executed approximately $7 million in annualized savings as it progresses towards a synergy target of $7-9 million on an annual basis.