- MediPharm Labs exports commercial shipment of medical cannabis products approved by the Australian Therapeutic Goods Administration (TGA) to patients in Germany
- An export milestone for the Australian cannabis industry as an export hub
- Germany is one of the most heavily regulated export markets in the world, this export milestone strengthens MediPharm Labs’ and Australia's position as a leader in medical cannabis production
BARRIE, Ontario, April 06, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced it has exported its first shipment of cannabis oil products, approved by the Australian TGA, to Germany. As a result, patients in Germany are now able to access GMP-certified quality medical cannabis through MediPharm Labs German distribution partners.
Only companies that have received Good Manufacturing Practices (GMP) certification are permitted to export cannabis products into the German market. Only a handful of companies have been successful in their attempts to export cannabis oils into the country. This achievement by MediPharm Labs demonstrates Australia’s pharmaceutical excellence and positions Australia as a global leader in the production of cannabis medicines.
“As this first shipment and first sales to Germany mark MediPharm Labs’ entry into the international pharmaceutical industry within a major European market, we are excited by the opportunities that lie ahead as we employ all of our value-added capabilities,” said Warren Everitt, CEO, MediPharm Labs Australia.
MediPharm Labs expects white label product shipments to its German customers to continue throughout 2021 and beyond. Upon full launch, MediPharm will work on innovating their offering for the German market and expand supply to other European countries where regulations allow.
Keith Strachan, President and Interim Chief Executive Officer commented, “I am proud of MediPharm Australia’s progress in licensing and operationalizing this unique GMP platform. This site Australian hub allows us to strengthen our focus of diversified revenue with multiple products in multiple jurisdictions.”
The Growing German Market
Cannabis has been permitted for therapeutic use in Germany since 2017 and may be prescribed by a doctor in the event of serious illnesses. With over 83 million inhabitants benefitting from broad access to healthcare services, Germany currently represents an estimated 75% of the current EU medical cannabis market. In 2020, more than 320,000 cannabis prescriptions approved in Germany, based on average from January – September extrapolated to 12 months.
The Medical Cannabis Network reports the medical cannabis market in Germany is currently valued at between €150m and €175m, despite only around 10% of the 20,000 pharmacies in Germany selling medical cannabis products today. With greater awareness and education, the Medical Cannabis Network estimates that Germany’s dominance in the European cannabis market could expand to €1.5bn by 2025.(1)
(1) https://www.healtheuropa.eu/exploring-growth-in-the-european-medical-cannabis-market/100849/
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 has fully commercialized its Australian extraction facility. MediPharm Labs Australia was established in 2017.
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, the successful shipping of products as planned; expectations that white label product shipments to German distributors will continue in throughout 2021 and beyond; the Company innovating its offering for the German market; the expansion of supply to other European countries where regulations allow; forecasts regarding the growth of the German cannabis market; and opportunities that lie ahead as the Company employs its value-added capabilities. 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.