MediPharm Labs Corp. LABS MEDIF MLZ has executed a supplementary agreement to its asset purchase agreement with 1193269 B.C. Ltd., operating as Shelter Cannabis for the Shelter Cannabis Brands IP portfolio, ending any ongoing royalty payments after August 31, 2023.
Under the existing asset purchase agreement, executed in March 2022, MediPharm Labs purchased the IP of Shelter Cannabis Brands. This IP has been focused in the market on Wildlife Cannabis domestic dry flower and pre-roll products that are manufactured and distributed via the MediPharm sites.
Why It Matters
The supplementary agreement allows for an improvement in this product line's gross margin, providing flexibility for the Toronto-based company to further invest in the brand to drive sales as it continues on the path to profitability.
What's Next
MediPharm said on Wednesday that it will continue to review every product category and selling channel to optimize margins and streamline business operations to achieve its profitability goal.
MediPharm's Research Efforts
Meanwhile, MediPharm is no stranger to innovation either.
Its Harvest Medicine subsidiary recently conducted a study that revealed that medical cannabis may effectively manage fibromyalgia and associated symptoms of depression and anxiety.
The research showed that 75% of patients who mainly used CBD oil saw a decrease in their self-reported illness severity, which may include chronic pain, insomnia, and fatigue.
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MEDIF Price Action
MediPharm’s shares traded 1.35% higher at $81.99 per share during the pre-market session on Wednesday morning.
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- Cannabinoid-Focused Pharma Stock Slides On Q2 Earnings Report, Here Are The Details
Photo: Courtesy of Tim Foster on Unsplash
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