MediPharm Labs Corp. (LABS) released its financial results for the three and six months ended June 30, 2021.
"In Q2 2021, we were awarded one of the most difficult to achieve North American GMP certifications to establish ourselves and as a true pharmaceutical company while continuing to deliver our international medical cannabis sales," said Keith Strachan, President and Interim CEO, MediPharm.
"We underwent a Health Canada audit for a pharmaceutical GMP Drug Establishment Licence which led to the successful issuance of this licence – the first of its kind in the North American cannabis industry," added Strachan.
MediPharm hosted Health Canada pharmaceutical inspectors for an intensive GMP Drug Establishment Licence inspection.
MediPharm was awarded a Drug Establishment Licence (DEL) confirming its compliance with international Good Manufacturing Practice Standards.
This makes MediPharm a full pharmaceutical company that can support big pharma’s entry into the drugs containing cannabis space.
The DEL allows MediPharm to conduct pharmaceutical manufacturing and sales of Active Pharmaceutical Ingredients and Finished Dose Goods containing cannabis. These channels are focused on larger patient markets that lack a defined federal cannabis framework, including in the United States.
MediPharm’s current and future domestic Canadian cannabis partners will potentially benefit from the Drug Establishment Licence as MediPharm can now provide them with a conduit to pharmaceutical and international markets
As for continued international growth, international sales increased 24 per cent sequentially to $2.5M with sales in Germany increasing by 24 per cent and Australia by 30 per cent.
As for a CEO, the search committee has interviewed several strong candidates and anticipates selecting a new CEO.
MediPharm is a pharmaceutical company that specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms.