TORONTO, Oct. 17,
2024 /PRNewswire/ - MediPharm Labs Corp. (TSX:
LABS) (OTCQX: MEDIF) ("MediPharm", "MediPharm Labs" or the
"Company"), a specialized, research-driven company focused on
pharmaceutical-quality cannabis extraction and cannabis based
health products, is announcing that President and Co-Founder
Keith Strachan will be stepping down
from his management position effective December 31, 2024. Keith will continue to provide
strategic support and guidance to the Company by joining the Board
of Directors effective January 1,
2025.
Since 2015, Keith has been instrumental in shaping MediPharm
Labs into a pioneering force in the cannabis industry. His notable
achievements include co-founding the first extraction-only cannabis
company, overseeing the Company's successful acquisition and
integration of VIVO Cannabis Inc., and leading MediPharm Labs to
become the first commercial cannabis company in Canada to receive Good Manufacturing Practice
("GMP") site registration from the United States Food and Drug
Administration ("US FDA").
MediPharm Labs remains committed to its mission of providing
high-quality, innovative cannabis solutions globally and ensuring
the highest standards of production and compliance. The company
will continue to focus on growing internationally, while
maintaining its strong debt free balance sheet and enhancing
profitability.
Management Commentary
David Pidduck, CEO of MediPharm
Labs, reflected on Keith's contributions to the Company: "Keith's
visionary leadership and relentless pursuit of success has played a
vital role in shaping MediPharm into becoming a leading global
pharmaceutical cannabis company. International revenues now
represent a significant component of Company revenues due in large
part to his leadership. Keith's strategic insight is expected to
continue to benefit MediPharm Labs as he joins the Board of
Directors in January 2025."
Keith Strachan expressed his
thoughts on this transition: "It has been an honor to serve as
President of MediPharm Labs. I am incredibly proud of what we have
accomplished together. As a team we have found our niche in the
cannabis industry and we now serve wellness consumers and patients
globally. After over a decade in this industry, I am excited to
support the Company in a new capacity as a Board member. MediPharm
Labs is well-positioned for future success, and I look forward to
contributing to its ongoing growth."
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
Australia PTY Ltd. and Beacon Medical Germany 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.
Website: www.medipharmlabs.com
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: Keith
Strachan's departure as President of the Company;
Keith Strachan's appointment to the
Board of Directors, including the timing and benefits thereof;
MediPharm's balance sheet, long term outlook of the business and
future success of the Company. 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' continuous disclosure 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.