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2019 Revenue $129 Million, Adjusted EBITDA1 $25 Million
• Q4 2019 Revenue $32 Million, Adjusted EBITDA1 $3 Million
• Year-end Cash and Equivalents of $39 million

BARRIE, Ontario, March 30, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products today announced its financial results for the three and twelve months ended December 31, 2019 and reaffirmed its strategic priority to build a multi-jurisdictional, GMP-certified pharmaceutical-grade platform to serve the world’s most attractive emerging cannabis medical markets.

“2019 was a transformational year for MediPharm Labs. We were one of only a very few cannabis companies to successfully execute on its strategy and be profitable,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “We established ourselves as a high-quality extract Company, earning our first GMP certification, positioning ourselves to become a global supplier of pharma-quality products as future brands, larger consumer packaged goods companies and pharmaceutical companies begin to enter the market.”

“We move forward with a strengthened market leadership position and diversified platform. Our portfolio of licences and first licensed offshore facility in Australia position us well to create new and innovative products at home and abroad and to achieve global expansion creating tangible value for customers and shareholders.”

ALERT | Revive Therapeutics Provides Corporate Update on its COVID-19 and Infectious Diseases Programs | Buy Valium Mastercard Online




The Company reported that the Canadian cannabis sector experienced significant challenges in the fourth quarter that resulted in an oversupply of bulk extract in the market and subsequent reduction in selling price and lower volumes. These factors included: a slower than anticipated expansion of retail channels in Canada, slower licensing of new and specialized cannabis 2.0 businesses, lower than expected conversion of bulk extract inventory into finished goods by vertically integrated players and slower than expected entry to the market by larger consumer packaged goods and pharmaceutical companies.

“Through 2019, MediPharm Labs pioneered its way in an incredibly young industry. We executed well on a highly specialized and focused business model and took a leadership position among the top five cannabis revenue generating companies in Canada,” said Mr. McCutcheon. “We ended the year with capital strength and liquidity, while achieving and surpassing all of our significant operational and financial milestones despite the significant challenges faced by the sector in Canada.”

2019 Quarterly and Full Year Summary Financial Highlights(1)(2)

 Year ended Three-months ended 
 December 31,
 December 31,
 September 30,
 June 30, 
 March 31, 
 $’000s $’000s $’000s $’000s $’000s 
Revenue129,252   32,444  43,386  31,472  21,950  
Gross profit42,914   9,987  14,754  11,311  6,862  
Gross margin %33%  31%  34%  36%  31%  
Net income/(loss) before tax6,752   (2,401)  5,395  4,083  (325)  
Adjusted EBITDA(1)24,737   2,661  10,066  7,700  4,310  
Adjusted EBITDA margin %19%   8%  23%  24%  20%  

(1)  Adjusted EBITDA is a Non-IFRS measure. See Non-IFRS Measures section of this news release
(2) Year-over-year periods are not comparable as the Company commenced sales at the end of the fourth quarter of 2018

Looking Ahead

The cannabis market challenges experienced in the fourth quarter are expected to persist in the near-term. Additionally, while it remains a rapidly evolving situation, the global COVID-19 pandemic is expected to have various operational impacts in the near term, including potential supply chain challenges, work from home adjustments, and enhanced safety protocols. The Company’s manufacturing facility was exempted from the recent provincial mandated workplace closures as an essential service, the extent of the impact on COVID-19 on the Company’s operational and financial performance will depend on various developments, including the duration and magnitude of the outbreak, and the impact on customers, employees and vendors.

As a result, the Company has taken active steps in the immediate term to manage the business and maintain its liquidity and financial strength enabling management to continue prudently develop and invest in the business for the longer-term. In the immediate term, the Company is executing on the following:

Diversifying and Accelerating Growth through:

Maintaining Liquidity and Financial Strength through:

“As an expression of confidence in the longer-term potential of our Canadian footprint, we are moving forward with our recently launched in-house brand and to scale up our automated downstream production, quality control and testing capabilities, as well as our research and development functions within our recently expanded GMP facility in Barrie,” said Mr. McCutcheon. “These initiatives will support our brand as well as the fulfillment and distribution of orders and new product formulations not only in 2020 but in the decade ahead.”

“With our first GMP certification in hand, we are well positioned to supply international medical markets that offer additional growth and diversification for our revenue streams as the Canadian market continues to evolve,” said Mr. McCutcheon. “Our international efforts are expected to be further strengthened by efforts to broaden our GMP certifications to include Europe and the start-up of our Australian facility.”

Mr. McCutcheon added: “While current domestic market conditions are disappointing, MediPharm Labs has attracted a number of exciting customers and prospects both internationally and domestically, proving that our expertise and GMP-certified capabilities are in demand.”


  1. Expected EU GMP certification of the Canadian facility and TGA GMP certification of Australian facility
  2. International export agreements
  3. Development of high-quality branded in-house consumer products and contract manufacturing agreements
  4. Application of MediPharm Labs’ Research License
  5. New opportunities for R&D and clinical trials

The Company’s consolidated financial statements and management’s discussion and analysis for the three and nine months ended December 31, 2019 are available on SEDAR and on


The Company will host a conference call and audio webcast on March 30, 2020 at 8:30 a.m. eastern time to discuss its results and outlook. Participants are asked to dial in approximately 10 minutes before the start of the call using one of the following numbers: Toll-free: 877-791-0216; International: 647-689-5661.

A replay will be available approximately one hour after the call ends by dialing: Toll-free: 800-585-8367; International 416-621-4642. Conference ID: 5576297.

An audio webcast will be available in the Events section of the MediPharm Labs’ Investor Relations website or by visiting the following link: Cheap Valium Australia


This article is written and published by The Cannabis Stock

Disclaimer : The Cannabis Stock wants to promote the cannabis market with the best articles and news on the market. The Cannabis Stock does not recommend selling or buying any of the company mentioned and is not responsible for any losses that may result. The Cannabis Stock are engaged in the business of marketing and advertising companies

The Cannabis Stock and its employees may from time to time own shares of the companies named in the articles. All the facts reported by the cannabis stock are information that comes directly from the companies, from their website or on Sedar and are only published as information.

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