Like many stocks in the cannabis patch, Medipharm Labs Corp (OTCMKTS:MEDIF) shares have been on the mend in recent trading sessions. And that will form the key context to appreciate as trading gets underway this week. To aid in extending that context of newfound fervor, the company just announced it successfully completed its second set of export shipments of medical cannabis concentrate, which were 137% greater in volume compared to its first export into Australia in June 2019.
According to the release, “Through its wholly-owned subsidiary, MediPharm Labs Inc., the Company received its second set of export permits from Health Canada to ship an increased volume of medical cannabis concentrates from Canada to Australia. Prior to the shipment, the Australian Government’s Office of Drug Control Section also issued a second set of import permits.”
Medipharm Labs Corp (OTCMKTS:MEDIF) bills itself as a company that primarily focuses on producing pharma-grade cannabis oil and concentrates in Canada. It also focuses on providing cannabis contract processing services to licensed producers and growers; supplying cannabis oil to companies for sale under its brand; and supplying raw materials and processing for the creation of ready-to-sell cannabis products. The company was founded in 2015 and is headquartered in Barrie, Canada.
Founded in 2015, MediPharm Labs 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-grade 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.
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As noted above, MEDIF just announced it successfully completed its second set of export shipments of medical cannabis concentrate, which were 137% greater in volume compared to its first export into Australia in June 2019.
Traders will note 12% tacked on to share pricing for the name in the past couple sessions. Moreover, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 21% over what the stock has registered over the longer term.
“We are pleased to have completed our second set of shipments of medical cannabis concentrate into Australia in the third quarter as we look to participate in addressing the growing Australian medical patient demand,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “As international demand for purified cannabis concentrates continues to grow, we have focused on expanding our global supply chain and our international presence, including through our recently announced supply agreement for the German medical market. We have also focused on meeting diverse international regulatory and permitting requirements, including working towards our EU GMP, to grow export volumes of MediPharm Labs’ private-label concentrates.”
At this time, carrying a capital value in the market of $385M, MEDIF has a significant war chest ($8.6M) of cash on the books, which is balanced by about $35.7M in total current liabilities. One should also note that debt has been growing over recent quarters. MEDIF is pulling in trailing 12-month revenues of $32.1M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 115.2%. We will update the story again as soon as developments transpire. Sign-up for continuing coverage on shares of $MEDIF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MEDIF, either long or short, and we have not been compensated for this article.