MediPharm Labs Completes Its First Export Of High THC Cannabis Oil To Peru Toronto Stock Exchange: LABS

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  • MediPharm Labs’ high THC medical cannabis has been successfully exported to Peru to be distributed by specialized compounding pharmacies
  • Peru is MediPharm Labs’ first Latin American export after successful exports to Australia and Germany

BARRIE, Ontario, April 8, 2021 (GLOBE NEWSWIRE) – MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a leading global provider of specialized, research-based pharmaceutical-grade cannabis extraction, distillation and derivative products, announced today Its wholly owned subsidiary MediPharm Labs Inc. has completed its first shipment of high quality, formulated cannabis oil to its customer Cann Farm Peru SAC, a Lima-based manufacturer and distributor serving Peruvian and other markets in Latin America.

“This first import to Peru shows the versatility of our GMP-certified platform that qualifies MediPharm Labs to export high THC and CBD oils to international medical markets where cannabis is regulated like other pharmaceutical products,” said Keith Strachan, President and Interim Chief Executive Officer, MediPharm Labs. “We look forward to expanding our presence in Peru and other Latin American markets such as Brazil, where we have agreements and are awaiting final approval to import our quality pharmaceutical products to patients and doctors looking for products they can trust. “

MediPharm Labs’ pre-formulated cannabis concentrate is distributed to patients through compounding pharmacies in Peru, who complete the final formulation and fill it according to exact prescription specifications.

“Since Peru’s initial legalization of cannabis, patients have had mostly access to CBD because of the lack of a steady supply of legal THC. This first shipment will give Peru’s growing patient base access to formulated THC drugs that are of high levels of quality and control. Bringing high quality THC into the country will also open many doors in the health sector, ”says Andrés Vazquez, President of Cann Farm. “By providing a consistent supply of high-quality THC, doctors can prescribe cannabis oils to meet a wider range of therapeutic needs, as opposed to primarily CBD-dominant oils, including pain management.”

Expansion into international medical and pharmaceutical markets

MediPharm Labs is establishing a foothold in the pharmaceutical, medical and wellness markets worldwide, including Australia, New Zealand, Germany, Denmark, Great Britain, Peru and Brazil. Peru, the fifth largest country in Latin America, offers great growth potential. Peru was a pioneer among Latin American countries, creating a legal framework for the manufacture, import and sale of cannabis for medicinal purposes. As a result, the Peruvian market is developing rapidly and has the potential to register various formats of cannabis-based products.

About Peru’s market

Peru passed Law 30681 in October 2017 with the aim of providing access to medical cannabis. Peru’s medical cannabis market has so far been 100% dependent on imports. The law explicitly allows the domestic production, importation and marketing of cannabis for medical and scientific purposes and requires the establishment of a number of registers within the Department of Health. Only certified pharmaceutical laboratories can apply for a production license domestically, and retail sales are only in licensed pharmacies. Medical prescriptions are required and cannabis can be prescribed under a variety of medical conditions.

About Cann Farm Peru SAC.

Cann Farm is dedicated to the cultivation and processing of medicinal plants under the highest quality standards and from this develops a broad portfolio of innovative products for the health and well-being of the international community. From March 2021, Cann Farm received its production and cultivation license in Peru. In addition to importing and marketing products made from cannabis and other plants for medicinal purposes, as well as for the cultivation and processing of medicinal plants for both the Peruvian market and for export, Cann Farm invests in scientific research projects on topics related to the use of medicinal plants for health as well as in agronomic questions to optimize their production.

About MediPharm Labs

MediPharm Labs was founded in 2015 and specializes in the production of purified pharmaceutical grade cannabis oil and concentrates as well as advanced derivatives. A facility certified according to Good Manufacturing Practices with clean rooms built according to ISO standards is used. MediPharm Labs has invested in a skilled, research-oriented team, cutting-edge technology, downstream cleaning methods and purpose-built facilities with five primary extraction lines to deliver pure, trustworthy and precisely dosed cannabis products to its customers. Via its wholesale and white label platforms, MediPharm Labs formulates, develops, packages and sells (also through sensory testing) cannabis extracts and advanced cannabinoid-based products on national and international markets. As a world leader, MediPharm Labs has completed commercial exports to Australia and fully commercialized its Australian extraction facility. MediPharm Labs Australia was founded in 2017.

For further information please contact:
Laura Lepore, VP, Investor Relations and Communication
Phone: 416-913-7425 ext. 1525
Email: investoren@medipharmlabs.com
Website: www.medipharmlabs.com

CAUTION NOTE ON FUTURE INFORMATION:

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that involves discussion of any predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, with expressions such as “expected” or “not expected”, “is expected”) . , “Anticipated” or “not anticipated”, “plans”, “budget”, “planned”, “projections”, “estimates”, “believes” or “intends” or variations of such words and expressions or the indication of certain events or actions Results “may” or “could”, “would”, “could” or “will” (as occurring or achieved) are not historical facts and may be forward-looking statements. In this press release, forward-looking statements relate to, among other things, the Company’s expanding presence in Peru and other Latin American markets such as Brazil. Fulfillment of existing agreements; Obtained final approval to import the company’s quality pharmaceutical products; Distribution of cannabis concentrate to patients through compound pharmacies in Peru; Gaining a foothold in the pharmaceutical, medical and wellness markets around the world; and forecasts for the growth of the Peruvian market. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied through such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; MediPharm Labs’ inability to obtain adequate funding; the delay or failure to obtain regulatory approvals; and other factors discussed in the MediPharm Labs materials available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements and information contained in this press release. Unless required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, forecasts or other factors if they change.

All information relating to Cann Farm contained in this press release has been made available by Cann Farm for inclusion herein.