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MediPharm Labs Receives Sales License From Health Canada

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MediPharm Labs Receives Sales License From Health Canada

Medipharm Labs Corp (OTC: MLCPF) has announced that its subsidiary has received a sales license from Health Canada that allows it to start delivering products based on previously established supply agreements.

What Happened

Medipharm Labs, a Canadian company that specializes in production of cannabis extracts through the supercritical CO2 extraction process, said Health Canada granted its subsidiary MediPharm Labs Inc. a license to sell cannabis products tied to its laboratory and manufacturing facilities in Barrie, Ontario.

The license cames a week after another milestone for Medipharm. Just last week, the company said it produced 150,000 grams — 331 pounds — of cannabis extract. 

Why This Is Important

Medipharm has a number of supply agreements with cannabis companies across Canada, and the license announced Monday allows it to begin deliveries. The company has one of 32 supply agreements with the Ontario Cannabis Store and four multiyear contracts with licensed cultivators for cannabis concentrates that Medipharm will deliver in exchange for dried cannabis. 

What's Next

Medipharm is working on becoming one of the largest suppliers of cannabis extracts in Canada. The company is expanding its processing facility and plans to reach a throughput volume of 100,000 kg of dried cannabis per year under Phase 1 and to further grow it to 250,000 kg per year under Phase 2, which is funded and should be completed in the second quarter of 2019, according to the company.

In addition, MediPharm is working on establishing its own retail chain, with four stores planned in Manitoba. 

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Posted-In: marijuana medical marijuana MediPharm Labs pot Recreational Marijuana Supercritical CO2 ExtractionCannabis Markets Best of Benzinga

 

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