- MediPharm Labs to provide TerrAscend with big volumes of higher-high quality CBD and THC distillate
- Multi-Year provide agreement to help TerrAscend’s roll out of Canadian Cannabis two. derivative items
TORONTO, Sept. 25, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a leader in specialized, analysis-driven cannabis extraction and cannabinoid isolation, is pleased to announce that it has entered into a multi-year provide agreement with TerrAscend Canada Inc., a wholly-owned subsidiary of TerrAscend Corp. (CSE: TER OTCQX: TRSSF) (“TerrAscend”). MediPharm Labs will provide TerrAscend with roughly $27 million of higher-high quality private label cannabis distillate, more than 24-months commencing September 2019, and, topic to particular renewal and acquire selections, potentially up to $192 million more than 36-months to September 2022. In connection with Canadian Cannabis two. legalization, with amended regulations coming into force on October 17, 2019, TerrAscend will use this provide to help the production and launch of its fascinating portfolio of branded items in Canada this fall.
As Canada prepares for the subsequent stage of legalization, we are thrilled to be collaborating with a major international firm like TerrAscend focused on producing new and revolutionary solution formulations and brands that boost the customer knowledge.
Patrick McCutcheon, Chief Executive Officer, MediPharm Labs
“In addition to our experience in generating higher-high quality distillate and capability to offer steady provide, we are excited to discover the possible of international and US development possibilities with TerrAscend as we function towards our final EuGMP certification.”
This agreement gives TerrAscend with access to higher high quality extract material which we intend to make use of in a variety of premium items for Canada and international markets. Partnering with a major firm such as MediPharm Labs guarantees that we are capable to continue to meet the evolving solution requirements of our individuals and customers.
Michael Nashat, TerrAscend’s Chief Executive Officer
Bulk Resin Provide Agreement
Beneath the terms of the Bulk Resin Provide Agreement (the “Agreement”) dated September 24, 2019, TerrAscend will acquire a minimum of roughly $27 million of cannabis concentrate from MediPharm Labs Inc. (“MediPharm”), a wholly-owned subsidiary of MediPharm Labs, more than the course of 24-months. TerrAscend will have the selection to acquire up to an more $105 million of cannabis concentrate more than the exact same period, topic to the availability of such provide from MediPharm. The Agreement involves an selection for a 12 month mutual extension exactly where, if extended, TerrAscend would furthermore acquire a minimum of roughly $10 million, and would have a appropriate of 1st offer you to acquire an more roughly $51 million more than the exact same period, topic to the availability of such provide from MediPharm, bringing the total possible aggregate worth of the Agreement to more than $192 million to the finish of September 2022.
TerrAscend gives high quality items, brands, and solutions to the international cannabinoid market place. As the 1st North American Operator (NAO), with scale operations in each Canada and the US, the Firm participates in the healthcare and legal adult use market place across Canada and in quite a few US states exactly where cannabis has been legalized for therapeutic or adult use. TerrAscend is the 1st and only cannabis firm with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend operates a quantity of synergistic companies, such as The Apothecarium, an award-winning cannabis dispensary with quite a few retail places in California and Nevada Arise Bioscience Inc., a manufacturer and distributor of hemp-derived items Ilera Healthcare, Pennsylvania’s premier healthcare marijuana cultivator, processor and dispenser Ascendant Laboratories Inc., a biotechnology and licensing firm committed to the continuous improvement of cannabinoid expressing plants Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the improvement of novel formulations and delivery types and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. Moreover, TerrAscend has been selected by the state of New Jersey to be one particular of six permit applicants for a vertically integrated healthcare cannabis operation. For much more information and facts, check out www.terrascend.com.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and sophisticated derivative items using a Great Manufacturing Practices developed facility and ISO common constructed clean rooms. MediPharm Labs has invested in an professional, analysis driven group, state-of-the-art technologies, downstream purification methodologies and objective-constructed facilities with 5 major extraction lines getting 300,000 kg of annual processing capacity to provide pure, secure and precisely dosed cannabis items for its shoppers. By way of its wholesale, white label and tolling platforms, they formulate, course of action, package and distribute cannabis extracts and sophisticated cannabinoid-primarily based items to domestic and international markets. As a international leader, the Firm also completed its 1st industrial export to Australia in June 2019 and is nearing completion of its Australian extraction facility anticipated in 2019 with 75,000 kg of annual processing capacity.
For additional information and facts, please speak to:
Laura Lepore, VP, Investor Relations
Phone: 705-719-7425 ext 216
E-mail: [email protected]
Web page: www.medipharmlabs.com
Original press release
For reality-primarily based information and facts on MediPharm Labs, view the company’s sponsored Investor Dashboard.
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