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Be the first with the news that moves the market- MediPharm Labs’ (LABS) Australian subsidiary has received an amendment to its GMP certification and licence to manufacture therapeutic goods
- The amendment allows the company to manufacture cannabis-derived Active Pharmaceutical Ingredients and finished medicinal cannabis products
- MediPharm Labs Australia will be able to manufacture products including resins, extracts, isolates, oral liquids, soft-gel capsules, and oils
- The company expects that its opportunities for revenue in the Australian market will dramatically increase as a result of this
- MediPharm Labs (LABS) is up 7.06 per cent and is currently trading at C$0.91 per share
MediPharm Labs’ (LABS) Australian subsidiary has received an amendment to its GMP certification and licence to manufacture therapeutic goods.
The licence amendment will allow the company to expand the range of cannabis products which it can manufacture.
MediPharm Labs Australia can now manufacture Active Pharmaceutical Ingredients (API’s) derived from cannabis and cannabis intermediates, such as resins, extracts, and isolates. The company can also now manufacture finished medicinal cannabis products, such as oral liquids, soft-gel capsules, and oils.
As a result of this, the company expects that its opportunities for revenue in the Australian market will dramatically increase.
The CEO of MediPharm Labs’ Asia Pacific division, Warren Everitt, commented on the benefits this licence expansion will bring to the company.
“This licence amendment paves the way for MediPharm Labs Australia to immediately begin using our facility as it was intended: to manufacture the highest quality API’s and finished medical cannabis formulations for our rapidly growing base of customers.
“We are extremely proud of this achievement and the MediPharm Labs Australia team that made it happen, as it reflects our longstanding commitment to GMP standards and pharma principles of production,” he said.
MediPharm Labs Australia only received GMP certification from the Therapeutic Goods Administration (TGA) in May of this year. In the same month, the company also secured a licence to manufacture therapeutic goods.
Only 3 months later, the Australian subsidiary is already generating revenue. During 2020’s second quarter, the company reported over C$600,000 in revenue, from sales to Australian customers.
Despite the impacts of COVID-19, July was a record month in Australia, with over 5,560 SAS-B medical cannabis approvals. This represents a 20 per cent increase from the 4,630 approvals from the previous month of June.
MediPharm Labs has estimated that the TGA could approve over 70,000 medicinal cannabis product applications by the end of 2020. With this latest licence amendment in hand, the company stands ready to meet this rising wave of demand.
MediPharm Labs (LABS) is up 7.06 per cent and is trading at $0.91 per share, as of 11:08am EDT.
