- MediPharm Labs (LABS) has received an importation license for its Australian operator, MediPharm Labs Australia
- The license will allow the importation of cannabis, cannabinoids and cannabis resin from Canada
- The imported products will then be refined into tinctures and other product forms in Australia
- Shares in the company are currently trading at C$2.98, with a market cap of C$389.95 million
MediPharm Labs (LABS) has received a key importation license for its Australian business, MediPharm Labs Australia.
Issued by the Drug Control section of the Australian Department of Health, the license will be used to establish greater cooperation between MediPharm’s Canadian headquarters and Australian operators – a critical step in evolving its international supply chain.
Upon receipt of the necessary permits, the license will allow for the importation of cannabis, cannabinoids and cannabis resin from Canada to Australia, as well as other global exporters, for refinement into tinctures and other product forms.
“Receiving this licence is an important milestone as we continue to build a multi-jurisdictional GMP-certified pharmaceutical- quality platform to serve the world’s most attractive medical cannabis markets”, said Pat McCutcheon, CEO of MediPharm.
“With the initial phases of our Australian facility built-out, we are on track to establishing a global cannabis supply chain leveraging our GMP-certified Canadian facility, technology and access to high quality, fully traceable, cannabis biomass converted to pharma quality concentrates in Canada, to supply MediPharm Labs Australia, its local market, and other permissible global jurisdictions.”
In December 2019, MediPharm received confirmation from the Australian Therapeutic Goods Association that its Canadian manufacturing facility had met the requirements for GMP as a producer of cannabis as a medicine and as an active pharmaceutical ingredient.
While this certification only applies to the Australian market, it adds to a body of evidence that will support MediPharm in qualifying to supply other medical cannabis products around the world.
Shares in the company are currently trading at C$2.98, with a market cap of C$389.95 million.