Medipharm Labs Receives Australian Drug Import License

Medipharm Labs (TSX: LABS) announced this morning that the firm has received an importation license from the Australian Department of Health, Drug Control Section, enabling the firm to import Schedule 4 drugs into the country. The step is a critical one, in that it gets Medipharm closer to executing upon its international strategy.

Now that the Medipharm Labs has acquired the key importation license, the firm will be able to submit for import permits for the importation of cannabis, cannabinoids, and cannabis resin. Once imported, the product will be finalized by Medipharm Labs Australia Pty into tinctures and other product forms.

The final step for the execution of Medipharm Labs’ Australian strategy will involve receiving GMP certification from the Therapeutic Goods Association. The certification will enable the firm to ship GMP-certified cannabis products to the European Union, including Germany, as a result of a Mutual Recognition Agreement between Australia and the EU.

No timeline was provided for the receipt of GMP Certification at the firms Australian facility, however Medipharm identified that receiving such certification is critical to its global supply chain strategy.

The news this morning could not come at a better time for Medipharm, whom yesterday scrambled to instill investor confidence following the filing of a statement of claim in Ontario related to unpaid debts owed by Hexo Corp.

Medipharm Labs last traded at $2.98 on the TSX.

Information for this briefing was found via Sedar and Medipharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Canaccord Genuity Raises Medipharm Labs’ Price Target To C$2.50

On Monday Medipharm Labs (TSX: LABS) announced an exclusive medical cannabis partnership with the European...

Tuesday, October 6, 2020, 01:29:18 PM

Champignon Brands Appoints Medipharm Labs CEO Pat McCutcheon to Board

This morning Champignon Brands Inc. (CSE: SHRM) announced the appointment of Pat McCutcheon to its...

Wednesday, May 6, 2020, 09:18:25 AM

Medipharm Labs Sees Canaccord Drop Price Target To $0.75

On May 17th, MediPharm Labs (TSX: LABS) Labs reported their first-quarter financials. The company announced...

Tuesday, May 18, 2021, 05:32:00 PM

PI Financial Discontinues Coverage On Medipharm Labs, Heritage Cannabis

Friday evening following the close of markets, a note was sent out by PI Financials...

Monday, September 28, 2020, 07:42:00 AM

Rough Week In Cannabis Sector Capped With Gut Punch From Ontario

This first week of April has been the never-ending week for the cannabis industry that...

Friday, April 3, 2020, 03:24:27 PM