MediPharm Labs Archives - Green Market Report

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) announced its financial results for the quarter ending September 30, 2021 and said it has a new CEO as the company focuses on international business. Bryan Howcroft is the new CEO for MediPharm who plans to drive international and pharmaceutical sales growth.

Revenue increased slightly from $5 million in the second quarter to $5.4 million in the third quarter. International sales increased 16.5% sequentially to $2.9 million and represented 53% of sales in Q3. The net loss for the quarter was $7.3 million

“In Q3 2021, we were awarded one of the most important licences in our Company’s history related to North American GMP certifications, the DEL. The DEL establishes the Company as a true pharmaceutical partner while continuing to deliver on our international medical cannabis sales,” said Keith Strachan, President, MediPharm. “We increased our international medical presence and sales by 16.5% q/q, which is a testament to our efforts to lead in this area. We view the international medical cannabis market to be a key driver of our future revenue growth. We also continue to innovate in new product development, with minor cannabinoids such as CBN, as well as our clinical trial program.”

“Looking ahead, efforts are well underway to ensure MediPharm maintains a leading position in the projected multibillion-dollar global cannabinoid-derived pharmaceuticals and international medical markets. This is where our unique licenses and professional expertise will make us the go-to partner for pharmaceutical companies around the globe with potential for material revenue growth for years to come.” To this end, we are delighted to welcome our new CEO to MediPharm, effective today, Mr. Bryan Howcroft. Mr. Howcroft’s deep expertise in navigating complex regulated international markets will enable MediPharm’s transition towards pharmaceutical and medical markets to reach new heights.

Cash and cash equivalents totaled $38 million on September 30, 2021, and the cash balance outstanding under the convertible notes was under $1.9 million.

Cannabis extraction company MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) said it has filed an application to list its common shares on the NASDAQ Stock Market (NDAQ). The company said it will continue to maintain the listing of its common shares on the Toronto Stock Exchange under the symbol “LABS”.

“We are thrilled to be entering the next phase of growth at MediPharm Labs including cross-listing on the NASDAQ, one of the world’s foremost exchanges for emerging markets and technology, such as the burgeoning cannabis sector,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Listing alongside our peers on the NASDAQ will enhance our visibility and access to a larger base of institutional and retail shareholders in the U.S. and globally.”

Last month, the company said it secured a $38.7 million credit facility from a top 5 Canadian Schedule 1 bank. Although the company initially sought $20 million, the credit facility was upsized and is comprised of a revolving term facility, a non-revolving term facility, and a non-revolving delayed draw term facility. In June, the company closed its previously announced bought deal offering of 13,514,000 common shares in the capital of the company at a price of $5.55 per common share for aggregate gross proceeds of C$75 million. The stock was lately trading at C$4.53.

“With the successful upsizing of our Credit Facility and the proceeds from our recent $75 million bought deal equity offering, we have strengthened our balance sheet and our ability to execute our global business plan to efficiently seize the growth opportunities before us,” said Pat McCutcheon, CEO of MediPharm Labs. “In particular, this enlarged facility will enhance liquidity and support the delivery of our stated Canadian and Australian capex strategy, to ramp-up of production capacity to meet contracted and expected demand for our new product classes.

In advance of its anticipated listing on the NASDAQ, MediPharm Labs will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission (SEC).

The listing of its common shares on the NASDAQ remains subject to the approval of the NASDAQ and the satisfaction of all applicable listing and regulatory requirements, including the SEC declaring the Form 40-F Registration Statement effective.