MediPharm Labs Corp (TSXV: LABS) announced on November 12th that the company has received a sales license from Health Canada that is organized under the Cannabis Act. The sales license now grants MediPharm Lab’s facilities in Barrie, Ontario to conduct sales of cannabis products like cannabis oil extracts. The company has one of out of the only 32 supply agreement deals with the Ontario government to supply its Ontario Cannabis Stores. MediPharm Labs also has multiple-year supply agreements with Emerald Therapeutics (OTCQX: EMHTF), INDIVA Limited (TSXV: NDVA), Bonify (6779264 Manitoba Inc.), James E. Wagner Cultivation Corp (TSXV: JWCA), and a 1,200kg supply agreement with UP Cannabis Inc (TSXV: HIP). The company will also supply four physical retail stores in Manitoba for JV (Garden Variety) sometime in the future.
The company’s co-founder and Chief Executive Officer, Pat McCutcheon, stated, “This Sales License represents a significant milestone for MediPharm Labs and a key component of our strategy to be a producer of cannabis concentrates at a globally-recognized quality standard, while also being focused on revenues, profitability and value to our shareholders, partners and constituents.”
MediPharm Labs also announced that it has completed the extraction and purification process for 180,000g of cannabis extract. The company’s current estimations for cannabis oil production is at over 100,000kg of dried cannabis flower per year for phase 1, and a phase 2 annual production processing rate of up to 250,000kg that is expected to be completed and fully funded in Q2 of 2019.