MediPharm Labs Receives Milestone Cannabis Drug Licence to Manufacture and Distribute Pharmaceuticals Containing Cannabis Including New Drugs for Discovery Trials

TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) ("MediPharm Labs" or the "Company"), a global leader in specialized, research-driven cannabis extraction, distillation and derivative products, announced it has received a Cannabis Drug Licence ("CDL licence") from Health Canada.

The CDL licence is a critical licence required in the qualification for MediPharm Labs to manufacture and supply drugs that contain cannabis. These products include pharmaceutical prescription drugs that have been classified as drugs with a Drug Identification Number (DIN).

"With a growing interest in pharmaceutical products containing cannabis and thousands of active trials occurring globally, MediPharm has positioned itself as an essential part of the pharmaceutical industry supply chain," said Keith Strachan, President and Interim CEO, MediPharm Labs. "The groundwork required for a CDL licence began many years ago as we embarked on our journey to become a GMP certified platform. This CDL licence enhances our opportunity and with our existing pharma customers, while also opening the door to working with additional large and smaller pharma companies, to produce existing approved cannabis drugs or develop and manufacture new and innovative drugs through later stage clinical trials."

MediPharm is positioned to supply cannabis based pharmaceutical drugs and active pharmaceutical ingredients to other CDL licence holders and clinical research trials for novel drug discovery.

About MediPharm Labs Corp.

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 has fully commercialized its wholly-owned Australian extraction facility. MediPharm Labs Australia was established in 2017.

For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 1525
Email: [email protected]
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, statements regarding: enhanced opportunity with pharma customers; opening the door to working with additional large and smaller pharma companies; producing existing approved cannabis drugs or developing and manufacturing new and innovative drugs through later stage clinical trials; and supplying cannabis based pharmaceutical drugs and active pharmaceutical ingredients to other CDL licence holders and clinical research trials for novel drug discovery. 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.