- MediPharm Labs (TSX:LABS) is debuting its GMP-certified cannabis oil and inhalation cartridges in the Australian medical market
- The products position the company’s leading Beacon Medical Australia subsidiary to capitalize on the country’s increasingly regulated market
- MediPharm Labs develops and manufactures GMP-certified pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients and advanced derivative products
- MediPharm Labs stock (TSX:LABS) is down by 96.59 per cent over the past five years
Cannabis oil varieties include a CBD isolate (THC free), a balanced oil and a THC-dominant, full-spectrum oil.
Inhalation cartridge varieties include flavour-forward options, as well as strain-specific, full-spectrum options.
Deliveries of inhalation cartridges began earlier this week, with cannabis oils scheduled to ship in the next few days.
The new SKUs – which are produced in Canada and distributed by subsidiary Beacon Medical Australia – build on MediPharm’s unique position in the Australian market because of its Australian GMP license, as well as its GMP status from Health Canada and the U.S. FDA.
As of July 2023, Australia’s Therapeutic Goods Administration revised import and medical cannabis regulations, banning the import of products from non-GMP sources. This limits Beacon’s competition in cannabis manufacturing and facilitates growth in the US$195 million Australian medical cannabis market.
Founded in 2018, Beacon is already in the top five of cannabis flower sales by value in Australia, with plans to add to its international presence in Canada and Germany with new markets in 2024.
The news follows MediPharm’s Q2 2023 results, which are highlighted by:
- Revenue of C$9.6 million, up by 120 per cent from Q2 2022 and 64 per cent from Q1 2023
- Approximately C$14.7 million in cash to fuel ongoing expansion, as evidenced by the recent acquisition of VIVO Cannabis
MediPharm Labs develops and manufactures purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients and advanced derivative products in a Good Manufacturing Practices (GMP)-certified facility. MediPharm is the only company in North America to hold a commercial-scale domestic GMP licence for the extraction of multiple natural cannabinoids.
MediPharm Labs stock (TSX:LABS) last traded at $0.075 per share. The stock is down by 96.59 per cent over the past five years.
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