BARRIE, Ontario, Oct. 20, 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, is pleased to announce the launch of its new “LABS Cannabis” family of health and wellness products.
Specially designed and formulated for the Canadian consumers, the innovative and high-quality LABS Cannabis products will be targeted for adult use with distribution planned through government and private retail channels across Canada. The first product will tentatively be launched in early Q4 2020.
“Our LABS Cannabis portfolio will offer best-in-class products, with specialized formulations, and high purity to meet the essential requirements of the most discerning wellness customers,” said Pat McCutcheon, CEO, MediPharm Labs. “This is an important and growing consumer segment that spans generations, gender and geography. To create these bespoke products, we will leverage our global leadership in the manufacture of high quality cannabis products, our in-house R&D and consumer testing capabilities and sophisticated GMP certified facility.”
Serving the Wellness Consumer with Purpose
MediPharm Labs is uniquely positioned to supply high quality products through its LABS Cannabis brand. Tenets of the LABS Cannabis brand include integrity, transparency, science-based innovation and purpose. The portfolio will include wellness products formulated predominantly with CBD, but specialized offerings could also be formulated including THC and/or other minor cannabinoids that address potential effects. Unique delivery methods and unique packaging will be employed for product differentiation in the market.
Canada’s Prospective Cannabis Health Products Market
In the fall of 2019, EY Canada conducted a survey of approximately 3,000 individuals to provide a uniquely Canadian perspective on cannabis consumers1. A segment coined “Wellness Inquisitor” was identified to include approximately 1.1 million Canadians who consume almost daily and spend about $165 each per month on cannabis products. Wellness inquisitors reported that quality (83%) and intended effects (76%) are the most important purchase criteria followed by terpene profiles (43%) and brand (40%). Clinical research (56%) and the advice of health care practitioners (42%) were reported to be the most important information sources and influences over this group’s purchasing decisions.
Further, in September 2020, Health Canada released its Summary Report: Consultation On Potential Market For Health Products Containing Cannabis That Would Not Require Practitioner Oversight2 (findings were centred mainly on whether or not CBD should be allowed to be sold by retailers without strict regulations), revealing that nearly two-thirds of the 1,104 respondents polled are interested in buying “cannabis health products,” with the majority of consumers interested in using the products to treat pain and inflammation such as joint or back pain, arthritis, migraines, or headaches. About 76% of consumers were aware of sub-populations who would be interested in CBD-dominant cannabis health products and felt anyone experiencing pain, trouble sleeping, or suffering from a chronic or mental health condition would benefit. Seniors, veterans, women experiencing menopause, pets or athletes were all groups of interest.
Visit the LABS Cannabis website to learn more at www.labscannabis.com
Follow LABS Cannabis on Instagram at https://www.instagram.com/labscannabis/
or Facebook at https://www.facebook.com/labsformulations
1) EY Canada, 2019: Canadian cannabis consumer insights for legalization 2.0
2) Health Canada, 2020: https://www.canada.ca/en/health-canada/services/publications/drugs-health-products/summary-report-consultation-potential-market-health-products-cannabis.html
Corporate and Management Update
The Company announced the departure of Sybil Taylor, Chief Marketing Officer and, in addition, Chris Hobbs resigned from the Company’s Board of Directors effective October 19, 2020.
About MediPharm Labs
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, they formulate, consumer-test, process, package and distribute 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 is nearing commercialization of its Australian Extraction facility. MediPharm Labs Australia was established in 2017.
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, the creation of best-in-class products meeting the essential requirements of the most discerning wellness customers; the formulation of specialized offerings including THC and/or other minor cannabinoids that address potential effects; the use of differentiated delivery methods and unique packaging; and rapidly expanding cannabis market and growing consumer demand. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd765afd-b28d-4a02-ae10-515702e7e416
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