Note that Medipharm Labs Corp (OTCMKTS:MEDIF) just announced that its subsidiary, MediPharm Labs Australia Pty. Ltd. has been granted its GMP Certification and Licence to Manufacture Therapeutic Goods, a key milestone in the advancement of the Company’s global supply chain strategy and a catalyst for revenue generation in Australia.
According to the release, “The Licence was granted by the Australian Therapeutic Goods Administration (the “TGA”) – the branch of the Australian Government’s Department of Health responsible for regulating therapeutic goods including prescription medicines, vaccines and medical devices. The TGA is one of 53 regulatory authority members of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), an international co-operative arrangement among regulatory authorities in the field of Good Manufacturing Practice (“GMP”) for medicinal products. The PIC/S mission is to lead the development, implementation and maintenance of harmonised GMP standards and quality systems of inspectorates in the field of medicinal products. Many PIC/S members, such as the TGA, also enter into mutual recognition agreements with other PIC/S members whereby each regulatory authority specifically recognizes certain processes and procedures of the other country to expedite the international flow of goods.”
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 its subsidiary, MediPharm Labs Australia Pty. Ltd. has been granted its GMP Certification and Licence to Manufacture Therapeutic Goods, a key milestone in the advancement of the Company’s global supply chain strategy and a catalyst for revenue generation in Australia.
Even in light of this news, MEDIF has had a rough past week of trading action, with shares sinking something like -22% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -7%. Moreover, the company has seen a jump in recent trading volume to the tune of 0% beyond what we have been seeing over the larger time frame.
“As a GMP-compliant company situated in the emerging Asia-Pacific cannabis market, this is a milestone achievement and essential licence that clears the way for MediPharm Labs Australia to further accelerate supply opportunities, at home and abroad, and begin fulfilling our pipeline of customer orders for finished, formulated products,” said Warren Everitt, Chief Executive Officer, Asia Pacific, MediPharm Labs. “This Licence is also emblematic of the tremendous duty of care we took in building our capabilities to the high standards required of GMP. MediPharm Labs Australia can now serve as a key link in the Company’s international GMP-compliant supply chain complementing our state-of-the-art GMP certified facility in Canada.”
Earning a current market cap value of $148M, MEDIF has a significant war chest ($42.3M) of cash on the books, which is balanced by 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 may be a very interesting story and we will look forward to updating it again soon. 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.