MediPharm Labs Archives - Green Market Report

StaffOctober 2, 2023


The Daily Hit is a recap of the top financial news stories for Oct. 2, 2023.

On the Site

Canopy, Tilray Close Deals as One Shrinks and the Other Grows

Today’s transaction closings really sum up the current cannabis industry. One company is shedding assets to generate cash to pay debts, while another is buying assets to build its portfolio. Canopy Growth Corp. (NASDAQ: CGC) told investors it closed the deal to sell its Hershey facility, while Tilray Brands Inc. (NASDAQ: TLRY) closed a deal to buy beverage businesses. Read more here.

MediPharm Settles $9M Dispute with HEXO, Establishes New Deal with Tilray

Toronto-based MediPharm (TSX: LABS) (OTCQX: MEDIF) announced Monday a settlement agreement of $9 million to resolve a long-standing commercial dispute with HEXO. Read more here.

Vext to Acquire Two Ohio Dispensaries in $9.8M Deal

Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced plans Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio. The acquisition, valued at approximately $9.8 million, will also include all relevant business assets and licenses from the dispensaries. Read more here.

Heritage Cannabis Reports 11% Revenue Boost in Q3

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported an 11% rise year-over-year rise in revenue for the quarter ending July 31, which the company attributed to the strategic push of its brands and diversified revenue avenues. Read more here.

In Other News

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced Steve White stepped down as the company’s president, effective as of Oct. 1. White will continue to serve as a strategic advisor until his anticipated retirement at the end of this year. Read more here.

Shiny Health & Wellness

Shiny Health & Wellness Corp. (TSXV: SNYB) reported sales decreased during the period ending July 31, driven primarily by the reduction of the company’s cannabis retail store count from 31 to 26 stores, after closing underperforming stores with higher than usual monthly rental payments. Read more here.


BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) entered into an engagement letter with Clarus Securities on a “best-efforts” marketed basis, a private placement of at least 15,384,615 units at an issue price of C$0.13 per unit for aggregate gross proceeds of approximately C$2 million. The units will be offered by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. Read more here.

StaffNovember 14, 2022


The Daily Hit is a recap of cannabis business news for Nov. 14, 2022.


Moxie Cannabis & High Times Have a Lot in Common

It seems High Times and the company it just bought, Moxie Holdings, have a lot in common. Both companies failed to go public as planned, and both have not paid their debts. MXY Holdings and High Times also share the same auditor of company financials, GreenGrowth CPAs. Read more here.

Kansas City Entertainment District Takes New Approach to Cannabis Consumption Lounges

The news of a new entertainment district in the Kansas City metro area – which is slated to include cannabis consumption areas when it opens for business next year – appears to be part of both the ongoing normalization of marijuana use across the U.S. and an evolution of a business model that has struggled to find its footing. Read more here.

Verano Delivers Solid Quarter as Expansion Continues

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the third quarter ending September 30, 2022, as revenue increased 2% sequentially and 10% year-over-year to $228 million. Verano attributed the revenue growth to strength from adult use sales in New Jersey. Read more here.

MediPharm to Cut 30% of Non-Manufacturing Staff after 3Q Losses

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) is poised to cut its non-manufacturing staff head count by 30% after another losing quarter, which saw the Ontario-based company shed another $5.9 million (C$7.9 million), according to the company’s Q3 report. Read more here.

More earnings announcements:


Safe Harbor Financial

Third-quarter revenue for Safe Harbor Financial increased 38.6% to $2.38 million for the three-months ended Sept. 30, 2022, compared to $1.72 million for the third quarter of 2021. Loan interest revenue shot up 1,400% with nearly 700 accounts placed with the financial services company. Read more here.

Curaleaf Holdings

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) announced the national rebrand of its Grassroots premium cannabis flower brand and shared details on the brand’s previously announced expansion into California with the launch of Diamond Infused Pre-Rolls. Read more here.

Unrivaled Brands 

During the three months ended Sept. 30, 2022, Unrivaled Brands generated revenue from continuing operations of $10.76 million composed of retail revenue of $8.77 million and cultivation/distribution revenue of $2 million. Read more here.

StaffJuly 11, 2022


MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) is selling its MediPharm Labs Australia Pty Ltd to OneLife Botanicals PTY in a deal valued at $6.9M AUD ($6.2M CAD). The transaction is expected to close within 90 days. The deal includes the assets of MPLA, specialized licensing, operational knowledge, and Australian and New Zealand customers currently served from that facility. All international contracts outside of Australia and New Zealand will remain with MediPharm Labs and be serviced from the Barrie GMP facility.

“This sale represents a major milestone for MediPharm Labs as it continues to focus on rightsizing the business to achieve profitability,” said David Pidduck, CEO of MediPharm Labs. “As we look to maintain our strong cash balance, this transaction paired with corporate restructuring completed in June 2022 should allow us to reduce our quarterly burn rate as we improve sales.”

In July 2021, MediPharm Labs was the first purpose-built cannabis facility to receive a pharmaceutical Drug Establishment License. Awarded by Health Canada, this license is recognized in over 50 countries as part of the Pharmaceutical Inspection Co-operation Scheme (PIC/S). At this time, the company said it has completed a review of its international manufacturing platform and identified significant potential savings in moving all domestic and international manufacturing to the Canadian facility.

OneLife Botanicals CEO Andrew Grant said, “This purchase aligns and expedites the strategic aim of our organization to produce high-quality medicinal cannabis products by integrating manufacturing into the end-to-end supply chain. The integration of a fully operational facility brings forward our objectives to take our products and brand to the market. Our company undertook extensive research in considering this important acquisition and is highly confident about the capabilities and capacity of the operation to manufacture products in accordance with all compliance and quality standards. The integration of this business with our existing cultivation facility facilitates savings in capital investment, access to operational efficiencies and establishes us as a significant supplier in the Australian medicinal cannabis industry. We intend to build on the existing customer base and develop additional product distribution opportunities to become a formidable participant in the market.”

MediPharm and OneLife Botanicals said they will also enter into a transition services agreement to allow for the two companies to smoothly transition products and services produced in the facility, and to work together on future commercial opportunities.

StaffNovember 15, 2021


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.

Debra BorchardtNovember 5, 2019


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.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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