Medipharm Labs Corp (OTCMKTS:MEDIF) just announced that the Australian Therapeutic Goods Administration has notified the Company that its Canadian manufacturing facility meets the requirements for Good Manufacturing Practice for Medicinal Product, a key business breakthrough that increases MediPharm Labs’ global manufacturing capabilities.
According to the release, the TGA is the branch of the of the Australian Government’s Department of Health responsible for regulating therapeutic goods including prescription medicines, vaccines and medical devices, and is one of 52 regulatory authority members of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), an international co-operative that harmonizes GMP standards and quality systems of inspectorates in the field of medicinal products.
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 that the Australian Therapeutic Goods Administration has notified the Company that its Canadian manufacturing facility meets the requirements for Good Manufacturing Practice for Medicinal Product, a key business breakthrough that increases MediPharm Labs’ global manufacturing capabilities.
We’ve witnessed 2% added to share values of the company over the past week of action. What’s more, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 16% over what the stock has registered over the longer term.
“I cannot overstate the importance and prestige of earning our first GMP certification,” said Pat McCutcheon, Chief Executive Officer of MediPharm Labs. “GMP certification is the ticket to gaining access to the rapidly growing global medical cannabis market. And it is the recognized standard by which pharmaceutical manufacturers and consumer packaged goods companies worldwide judge their supply partners. We thank the TGA for being the first to formally recognize the quality of our facilities and processes. Although this certification specifically applies to the Australian market, it adds to a body of evidence that will assist us in our quest to obtain the EU-GMP certification to directly sell into the EU market.”
Now commanding a market cap of $354M, MEDIF has a significant war chest ($42.3M) of cash on the books, which stands against about $53.6M 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 $107M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 37.9%. This is an exciting story, and we look forward to a follow-up chapter as events 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.