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Pharmaceutical company MediPharm Labs Corp. (TSX:LABS) (OTCQX:MEDIF) (FSE:MLZ) has obtained Health Canada’s Drug Establishment Licence.
The permit, which is in accordance with the Food and Drugs Act and Regulations, will be utilized to confirm compliance with Good Manufacturing Practice standards.
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It will allow the Barrie, Ontario-based company to conduct pharmaceutical manufacturing, testing, and sale of active pharmaceutical ingredients and pharmaceutical drug products that contain cannabis.
MediPharm said that DEL is “a first of its kind license” to produce cannabis issued in North America. In addition, it also allows the extraction of the cannabis plant and will enable the production of all cannabinoids, including MediPharm Labs GMP CBD isolate, which is >98% pure.
Apart from this permit, the company also holds the Australian TGA GMP certification.
The company noted that the permit allows the shipment of products from Canada to its global so-called business-to-business (B2B) customer base.
Keith Strachan, president and interim CEO of MediPharm Labs, said obtaining the DEL is a “great milestone.”
“This adds to our growing portfolio of advanced regulatory licenses globally. MediPharm Labs now becomes one of a small number of companies who can take cannabis plant material and produce an API or a pharmaceutical drug product that could have marketing authorization by regulatory bodies such as the European Medicines Agency and FDA,” Strachan added.
Earlier this month, MediPharm opted to extend its supply deal with Europe-based medical cannabis company ADREXpharma GmbH for an additional five years after entering into a private label sales agreement for exports to Europe with the German licensed distributor of medical cannabis and controlled drugs in 2019.
Photo by Andre Taissin on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.