TORONTO – MediPharm Labs Corp., a specialized, research-driven pharmaceutical company focused on cannabis-based health products, has paid off the entire remaining convertible debt amount of $2.1 million, leaving the Company materially debt-free.
With this debt repayment, MediPharm now enjoys a robust financial position with more than $13 million in cash and full ownership of three facilities. This achievement reflects the Company’s prudent financial management and commitment to maintaining a strong balance sheet.
MediPharm reported an adjusted EBITDA loss of $0.1M in Q2 2024 (for the three months ending June 30, 2024), demonstrating near breakeven performance. The Company’s financial performance combined with the recent debt repayment, gives management high confidence in the Company’s ability to invest in its operations and continue to drive long term growth.
“Becoming materially debt-free is a significant milestone for MediPharm Labs,” said David Pidduck, CEO of MediPharm Labs. “Our strong cash position and near breakeven adjusted EBITDA reflect our disciplined approach to financial management. We are well-positioned to focus on the future and leverage our resources to pursue strategic growth initiatives.”
MediPharm Labs remains committed to its mission of providing high-quality, cannabis-based health and pharmaceutical products and delivering value to its shareholders.
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.
