Company Now Materially Debt Free with Over
$13M in Cash
TORONTO, Sept. 17,
2024 /CNW/ - MediPharm Labs Corp. ("MediPharm"
or the "Company") (TSX: LABS), a specialized, research-driven
pharmaceutical company focused on cannabis-based health products,
is pleased to announce that it has paid off the entire remaining
convertible debt amount of $2.1
million, leaving the Company materially debt-free.
With this debt repayment, MediPharm now enjoys a robust
financial position with more than $13
million in cash and full ownership of three facilities. This
achievement reflects the Company's prudent financial management and
commitment to maintaining a strong balance sheet.
MediPharm reported an adjusted EBITDA loss of $0.1M in Q2 2024 (for the three months ending
June 30, 2024), demonstrating near
breakeven performance. The Company's financial performance combined
with the recent debt repayment, gives management high confidence in
the Company's ability to invest in its operations and continue to
drive long term growth.
"Becoming materially debt-free is a significant milestone for
MediPharm Labs," said David Pidduck,
CEO of MediPharm Labs. "Our strong cash position and near breakeven
adjusted EBITDA reflect our disciplined approach to financial
management. We are well-positioned to focus on the future and
leverage our resources to pursue strategic growth initiatives."
MediPharm Labs remains committed to its mission of providing
high-quality, cannabis-based health and pharmaceutical products and
delivering value to its shareholders.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development
and manufacture of purified, pharmaceutical-quality cannabis
concentrates, active pharmaceutical ingredients (API) and advanced
derivative products utilizing a Good Manufacturing Practices
certified facility with ISO standard-built clean rooms. MediPharm
Labs has invested in an expert, research driven team,
state-of-the-art technology, downstream purification methodologies
and purpose-built facilities for delivery of pure, trusted and
precision-dosed cannabis products for its customers. MediPharm Labs
develops, formulates, processes, packages and distributes cannabis
and advanced cannabinoid-based products to domestic and
international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug
Establishment License from Health Canada, becoming the only company
in North America to hold a
commercial-scale domestic Good Manufacturing Practices License for
the extraction of multiple natural cannabinoids. This GMP license
was the first step in the Company's current foreign drug
manufacturing site registration with the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded
MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce
platform, and in Australia and
Germany through Beacon Medical PTY
and Beacon Medical GMBH. This acquisition also included Harvest
Medical Clinics in Canada which
provides medical cannabis patients with Physician consultations for
medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all
applicable laws in the countries in which it operates.
Cautionary Note Regarding Forward-Looking
Information:
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, MediPharm's balance sheet and long term
outlook of the business. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to: general business, economic, competitive,
political and social uncertainties; the inability of MediPharm Labs
to obtain adequate financing; the delay or failure to receive
regulatory approvals; and other factors discussed in MediPharm
Labs' filings, available on the SEDAR+ website at www.sedarplus.ca.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on the forward-looking
statements and information contained in this news release. Except
as required by law, MediPharm Labs assumes no obligation to update
the forward-looking statements of beliefs, opinions, projections,
or other factors, should they change.
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SOURCE MediPharm Labs Corp.
