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Be the first with the news that moves the market- MediPharm Labs (TSX:LABS) subsidiary, MediPharm Labs Australia, has received the permits needed to import a shipment of cannabis oil
- The Australian branch will receive the shipment from one of MediPharm Labs’ Canadian subsidiaries, upon receipt of export permits
- The shipment will include 35,000 units of finished product and the company’s largest volume of cannabis extract imported to date
- MediPharm Labs (LABS) is up 8.56 per cent, and is currently trading at C$2.03 per share
Cannabis company MediPharm Labs (TSX:LABS) will soon export its largest cannabis extract shipment to its subsidiary in Australia.
The subsidiary, MediPharm Labs Australia, recently received the permits it needs in order to import the shipment.
MediPharm Labs’ Canadian subsidiary will send the shipment, which the Australian branch will accept, upon receipt of export permits.
The shipment will include 35,000 units of finished product and the company’s largest volume of cannabis extract imported to date. The unfinished extract will be processed into soft gels and tinctures after it arrives in Australia.
MediPharm Labs Australia opened its doors late last year and has already seen growing demand for medical cannabis Down Under. At the end of February 2020, the Australian Therapeutic Goods Administration (TGA) had approved over 34,500 medicinal cannabis scripts to patients.
Most medicinal cannabis products in Australia are ‘unapproved’ and are not included in the Australian Register of Therapeutic Goods. Regardless, they must still comply with relevant quality standards.
As such, the TGA’s recent increase in quality audits for imported medicinal cannabis products has made it more difficult for overseas producers.
However, MediPharm Labs Canada and MediPharm Labs Australia have certifications and licences which allow them to meet all necessary requirements.
MediPharm Labs’ CEO, Pat McCutcheon, commented on the company’s progressing expansion into Australia.
“We have made a strong statement about our international intentions and focus on medicinal cannabis market in Australia, since signing our first supply deal with AusCann Group Holdings.
“We have identified a pipeline of opportunities across Australia, and other emerging cannabis markets. These opportunities are available to us today and in the future, as we receive other international regulatory permits and additional GMP certifications,” Pat said.
MediPharm Labs (LABS) is up 8.56 per cent and trading at C$2.03 per share, as of 11:14am EST.
