FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “MediPharm Labs Acquires Over 5,000 KG of Dried Cannabis for Private Label Cannabis Oil Production and Launches New White Label Solutions Platform”
MediPharm Labs Corp. (OTCQB: MLCPF) (TSX-V: LABS) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce that its wholly-owned subsidiary, MediPharm Labs Inc. has entered into purchase agreements with multiple cultivators, successfully acquiring over 5,000 KG of dried cannabis supply in the last two weeks of March 2019.
Founded in 2015, MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-grade cannabis oil and concentrates for advanced derivative products.
In the early twentieth century, cannabis was prohibited under the Marihuana Tax Act of 1937. Prior to that, cannabis was used as a medical remedy to treat maladies such as asthma, cough, migraine, insomnia, and opiate withdrawal. However, following the signing of the bill, cannabis was formally removed off the list of registered medicines. Nearly a century later, many countries around the world are advocating for the legalization of cannabis. In particular, many of those countries are moving towards the legalization of medical cannabis due to its therapeutic effects. However, countries like the U.S. and Canada are influencing others to consider recreational legislation as well. Countries such as Argentina, Australia, Colombia, Germany, Mexico, and Spain have all introduced cannabis legislation to allow for personal consumption and cultivation in regulated quantities. Moreover, large investments from both public and private sectors to fund research and develop businesses will also drive the marketplace growth. According to data compiled by Zion Market Research, the global legal marijuana market was valued at approximately USD 16.71 Billion in 2017 and is expected to generate revenue of USD 62.96 Billion by the end of 2024. Furthermore, the market is projected to accelerate at a CAGR of 21% from 2018 to 2024.
Currently, the medical cannabis sector accounts for the majority of the market share. However, as the North American region’s recreational market begins to develop and expand, the recreational sector is expected to become the main driver for the overall cannabis industry. Most countries have not moved to fully legalize cannabis due to its psychoactive effects stemming from certain derivatives. Nonetheless, the plant is still being integrated into medical applications across the world. Primarily, most consumers are using cannabis in forms of buds, oils, or tinctures. The buds segment is also expected to maintain its dominance in the marketplace, however, the oil segment is expected to be the fastest growing segment. Typically, oils are much more potent than flower, meaning it can provide a more effective and faster result. However, consumption based on the product varies around the world. For instance, the U.S. Food and Drug Administration approved the first marijuana-derived drug to treat epilepsy, Epidiolex. The drug is a cannabidiol, or CBD, oral solution used to treat seizures associated with epilepsy. While the FDA did move to delist CBD as a Schedule 1 drug, the agency has not approved of any other cannabis-derived treatments or methods of consumption. “We need to derive more value for the market. Given the hundreds of compounds the plant’s genetics produce, and our relative lack of knowledge about them and their interactions, there is huge potential for growth in condition-specific treatments and functional delivery,” says Liam McGreevy, Chief Executive Officer of Ethnopharm, “The hope is to produce more effective medicines for the patients looking for solutions to their conditions.”
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