Barrie ON-based cannabis extractor
MediPharm Labs Corp. (
TSX.LABS) took a major hit today after the company reported an 88% drop in year-over-year revenue.
The Company says it’s creating an “immediate action plan to create value.” Pat McCutcheon, CEO of MediPharm Labs, commented:
“Economic conditions including the oversupply in the Canadian bulk crude resin and distillate markets, along with the impact of COVID 19, continue to challenge the industry,” added Mr. McCutcheon. “We are now focused on doing more to drive profitable revenue and address weaknesses including reducing our cost structure. We have taken immediate steps to improve our costs and organizational alignment against which we have put an action plan in place that will create value and enable us to achieve our potential.”
Full story available at The Market Herald Canada.
Oliver Gray reports.
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