Medipharm Labs Corp - MEDIF STOCK NEWS

MediPharm Labs Corp. (MEDIF) reports a 50% increase in annual revenue to $33M and a 50% improvement in Adjusted EBITDA for the full year 2023. The company shows significant growth in gross profit, a strong balance sheet, and expansion in international medical cannabis markets. MediPharm's focus on profitability includes cost reductions and improving product mix, positioning them for a profitable future.

German federal states have voted to decriminalize personal cannabis cultivation and use, with legislation effective from April 1, 2024. MediPharm Labs Corp. (MEDIF) applauds the move, as it removes medical cannabis from the narcotic list, easing patient access barriers and boosting its German business operations.

MediPharm Labs Corp. announces the release of its full-year and fourth-quarter financial results for the period ended December 31, 2023. The executive management team will host a conference call and audio webcast on March 27, 2024, to discuss the financial results.

MediPharm Labs has received a GMP certificate from the Brazilian Health Regulatory Agency, ANVISA, making it the first pharmaceutical cannabis company in North America to do so. This certification allows the company to manufacture both active pharmaceutical ingredients (API) and end products for medical cannabis patients in Brazil. With a population of 215 million, Brazil has seen a 480% increase in medical cannabis prescriptions in 2022, indicating a significant market opportunity. The certification strengthens MediPharm's global position as a leader in the development and production of pharmaceutical cannabinoids, providing access to the Brazilian medical cannabis market and facilitating entry into additional global markets. The Brazilian medical cannabis market is expected to reach $380 million CAD in 2025, and MediPharm Labs currently manufactures two medical cannabis products with full ANVISA product authorization under Brazil's Resolution 327/19. The company has also entered into a supply agreement with a top-tier generic pharmaceutical company in Brazil, further expanding its market reach. The GMP certification was obtained after a rigorous inspection of MediPharm's manufacturing capabilities and quality management system, resulting in a compliant GMP status.

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced changes to its Board of Directors and employee stock issuance, including the resignation of a founding board member and the grant of 15.48 million stock options and 16.09 million restricted share units. The Company will continue with five board members, reflecting an overall right sizing of the business undertaken in 2023.

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced its financial results for Q3 2023, achieving higher gross margins and moving closer to profitability. The company settled a customer dispute for $9M, recorded a gross profit of $2.4M, improved adjusted EBITDA by 53%, and strengthened its balance sheet with $13M cash and less than $3M debt. Additionally, the company made significant progress in international medical cannabis growth and solidified its leadership in the cannabis-based pharmaceutical industry. Management's focus on margins, cost reductions, and profitability has positioned the company to make strategic investments for revenue growth, with M&A opportunities on the horizon.

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) will release its Q3 financial results for the three and nine month periods ended September 30, 2023 on November 14, 2023. The executive team will host a conference call and webcast to discuss the results.

MediPharm Labs receives $7.27 million in cash and non-cash elements from settlement agreement with Tilray, strengthening the company's balance sheet.

MediPharm Labs settles an outstanding claim for $9M