FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “MediPharm Labs Reports Second Quarter 2020 Results, Strong Progress With International Expansion.”
MediPharm Labs Corp. (OTCQX: MEDIF) (TSX: LABS) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced its financial results for the three and six months ended June 30, 2020.
“The first half of 2020 was a transformative period in which we substantially strengthened our balance sheet and liquidity, secured new international customer supply agreements and delivered material, sequential improvements in key financial and operating metrics,” said Pat McCutcheon, CEO, MediPharm Labs. “Our strategy to manufacture multiple products for multiple customers in multiple jurisdictions is on track. We are very encouraged with the pace of MediPharm Labs’ transformation from a domestic to a global company.”
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and fully commercialized its Australian extraction facility increasing the Company’s total addressable markets outside of Canada. MediPharm Labs Australia was established in 2017.
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