Medipharm Labs Corp (OTCMKTS: MLCPF) continues to move higher in recent days since the Company announced fourth quarter and full year financial results for the year ended December 31, 2018 reporting revenue of $10.2 million, commencing November 12th after receipt of sales license from Health Canada
Medipharm Labs also recently acquired over 5,000 KG of dried cannabis for Private Label cannabis oil production in final two weeks of March.
Medipharm Labs Corp, trading as LABS in Canada and MLCPF in the US has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation license. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-like cannabis oil and concentrates for advanced derivative products. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream extraction methodologies and purpose-built facilities to deliver pure, safe and precisely-dosed cannabis products to patients and consumers. MediPharm Labs’ private label program is a high margin business for the Company, whereby it opportunistically procures dry cannabis flower and trim from its numerous product supply partners, to produce proprietary cannabis oil concentrate products for resale globally on a private label basis.
Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
MediPharm recently entered into a significant sales agreement with Canopy Growth Corporation to supply approximately $35 million of private label purified cannabis oil concentrates. Under the terms of the agreement, the Licensed Producer will immediately purchase upfront $7.66 million of cannabis oil concentrate from MediPharm Labs’ inventory in February 2019. In addition, the Licensed Producer will purchase a minimum of $27 million of cannabis oil concentrate over a 12-month period commencing March 2019, with an option to purchase an additional $13.5 million over the same period, bringing the total potential aggregate value of the agreement to over $48 million to February 2020.
Medipharm Labs Corp recently put out some big numbers; on April 3 the Company announced fourth quarter and full year financial results for the year ended December 31, 2018. The audited consolidated financial statements and management’s discussion and analysis for the periods are available on SEDAR.
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Medipharm reported revenue of $10.2 million, commencing November 12th after receipt of sales license from Health Canada and Gross Profit of $4.0 million.
2019 highlights include: Executed Private Label Sales Agreements in place valued in excess of $85 million over 15-month period from December 2018. Executed large Private Label cannabis oil sale for $35 million with additional $13.5 million purchase option over 13-month period. Signed a 3-year Tolling Agreement with TerrAscend Corp. First extraction only LP to sign an International Private Label Sale Agreement with AusCann Group Holdings Ltd. – Export of cannabis oil from Canada to Australia for the manufacturing of hard-shell cannabinoid capsules Launched White Label Solutions Platform to extract, purify, formulate, process and distribute for LP’s, direct-to-consumer brands and non-cannabis consumer packaged goods (CPG) companies for provincial distribution. Signed first White Label agreement to formulate, process and distribute tincture bottles on behalf of an existing brand commencing H2 2019. Acquired over 5,000 KG of dried cannabis for Private Label cannabis oil production in final two weeks of March.
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Currently trading at a $264 million market valuation Medipharm has $6.3 million in the treasury, manageable debt and fast rising revenues of $10.2 million in 2018, commencing November 12th after receipt of sales license from Health Canada. Medipharm is a really exciting cannabis Company with huge plans for 2019 including completing its first International Facility in Australia – Australian center of excellence is expected to be commissioned in H2 2019, pending licensing, and will act as hub to access Asia-Pacific regions. The facility is designed to produce to cGMP standards with annual extraction capacity of approximately 75,000 kg of dried cannabis. The Australia region provides a strong backdrop for cultivation given more favorable farming conditions where the Company expects to procure locally sourced lower-cost supply inputs for production. We will be updating on Medipharm when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Medipharm.
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Disclosure: we hold no position in Medipharm either long or short and we have not been compensated for this article.