- German federal states have voted to decriminalize the personal cultivation and use of cannabis.
- The new legislation that takes effect April 1, 2024, also removes medical cannabis from the German narcotic list, removing access barriers for patients.
TORONTO, March 25, 2024 /CNW/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, is pleased to provide an update on German cannabis legalization.
Germany's upper house, the Bundesrat (made up of federal state delegates), passed legislation to partially legalize cannabis starting April 1, 2024. The new law will allow adults to cultivate, possess and store cannabis for their personal consumption. The law also removes medical cannabis from Germany's narcotic list, a change that is expected to remove barriers to patient access.
This historic change is a significant positive step in removing the stigma related to medical cannabis. The removal of cannabis from narcotic status will open the opportunity for more physicians, pharmacies, and patients to participate in the current German medical cannabis market.
MediPharm sees this having a positive impact on its already robust German business.
Summary of MediPharm Labs Business Operations in Germany
Beacon Medical GMBH
- Beacon Medical is a wholly owned subsidiary of MediPharm Labs. Located in Potsdam, the business holds a suite of German GMP medical cannabis licenses to import, wholesale and distribute GMP cannabis products.
- Beacon Medical is a medical product brand with distribution via German partners Adrex Pharma, Cansativa and Medical Pharma Resource.
- Thus far in 2024, MediPharm has increased the German product approvals under the Beacon Medical brand from 5 to 14.
Turnkey Medical Cannabis Supply
- Partnered with STADA, a large global consumer health and pharmaceutical company, as their exclusive medical cannabis supplier. MediPharm manufactures and distributes medical cannabis products to STADA customer pharmacies.
- STADA currently holds the number two market share in medical cannabis oil sales.
Business to Business Supply
- Starting with our first contract in 2019 with long-term partner Adrex Pharma, MediPharm supplies API and end products to various German-based companies.
- This business line also includes GMP services, where MPL assists domestic and international companies in making their products compliant in our GMP facilities for the German export market.
- The recent launch of our D9 THC isolate supply business (a monographed pharmaceutical commonly referred to as Dronabinol) has expanded 2024 sales, unlocking new distribution channels in Germany.
All of these German medical cannabis activities are supported by the Company's manufacturing sites in Barrie and Napanee, Ontario, which each maintain GMP licensing permitting export to Germany and other international jurisdictions.
Thank you to the cannabis advocates and Federal Government in Germany for leading this triumphant charge. Herzlichen Glückwunsch.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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 for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA.
In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.
The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
Website: www.medipharmlabs.com
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, MediPharm's access to and unique position in the international medical markets, future revenue growth in Germany and internationally, customer product authorizations, German cannabis market growth, margin related to international product and MediPharm's unique pharma expertise. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' filings, 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 should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.