BARRIE, Ontario, May 04, 2020 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce that its subsidiary, MediPharm Labs Australia Pty Ltd (“MediPharm Labs Australia”), has entered into an agreement to supply pharmaceutical-quality (GMP certified), white-label, cannabis oil products to Cannasouth Plant Research New Zealand Limited (“Cannasouth”), a subsidiary of Cannasouth Limited (NZX:CBD). This agreement marks MediPharm Labs Australia’s second white-label supply agreement for the export of finished products to the medical cannabis market in New Zealand.
Under the two-year agreement, MediPharm Labs Australia will supply a range of GMP certified cannabis oil products that meet the high-quality standards set by the New Zealand Ministry of Health’s Medicinal Cannabis Scheme which came into effect on April 1, 2020 and requires all medicinal cannabis products be manufactured under Good Manufacturing Practices (“GMP”).
“As New Zealand is set to start seeing increased demand from patients for medicinal cannabis, MediPharm Labs will be ready to provide patients with a reliable supply of innovative pharma-quality products they can trust,” said Warren Everitt, Chief Executive Officer, MediPharm Labs Australia. “We are thrilled to be working with Cannasouth to bring new formulations and products to the New Zealand market. MediPharm Labs is well equipped with our expertise, pharma-focused team of scientists, and GMP platform to meet the new quality standards set out by New Zealand’s regulators requiring all medicinal cannabis products be manufactured under GMP.”
“After an exhaustive effort researching white label suppliers around the globe who were able to meet New Zealand’s quality standards, we were impressed with MediPharm Labs' product range and quality standards,” said Mark Lucas, Chief Executive Officer, Cannasouth. "This is an important development in Cannasouth's initial product strategy, and will be a great first step for Cannasouth in supplying prescribers with quality medicinal cannabis products. Patients are desperately waiting for new cannabis-based medicines to become available under New Zealand’s Medicinal Cannabis Scheme and this is the first step in that process".
Also under the agreement, Cannasouth will be the exclusive New Zealand purchaser of certain formulations and dosage forms. The products will be supplied with Cannasouth’s branding.
The agreement is conditional on confirmation from the New Zealand Medicines and Medical Devices Safety Authority (MedSafe) and Cannasouth that the products meet specified quality and regulatory requirements, along with Cannasouth confirming certain insurance arrangements.
About Cannasouth Limited
Cannasouth Limited is a biopharmaceutical research and development company based in the Waikato heartland of New Zealand. The company was established to focus on the commercial development of the medicinally beneficial attributes of cannabinoid compounds such as CBD, THC and associated chemical structures that are produced by the cannabis plant. Their goal is the development of next-generation cannabinoid medicines that support patients' health outcomes and improve their quality of life. Their products will be produced under GMP & ISO using environmentally friendly methods without the use of harmful chemicals or solvents, ensuring patients are treated with cannabinoid therapeutic compounds of the highest quality.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates 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 with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian manufacturing facility. MediPharm Labs Australia was established in 2017.
For further information, please contact:
Laura Lepore, VP, Investor Relations and Communications
Telephone: 416-913-7425 ext. 1525
Email: investors@medipharmlabs.com
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, export of a reliable supply of finished products to New Zealand by MediPharm Labs Australia; supply of products to Cannasouth for distribution pursuant to the agreement, including satisfaction of applicable regulatory requirements and other conditions within the agreement; further distribution by Cannasouth through prescribers; and growth of patient demand for medicinal products in New Zealand. 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.sedar.com. 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.
All information contained in this press release with respect to Cannasouth was supplied by Cannasouth for inclusion herein.