Medipharm Labs (TSX: LABS) is now in the cannabis topicals business. The company announced this morning that it has shipped its first topicals products under a new contracting manufacturing agreement that the firm has entered.
The company provided no details at all on the shipment, other than to issue a news release indicating it had occurred. The size or quantity of the shipment was not indicated by the firm, nor was the material dollar value associated with the manufacturing agreement.
In conjunction with the shipment, Medipharm also announced that it is focusing additional research and development efforts on the subject of cannabis topicals as it looks to capture market share in the segment. The effort is focused on developing base compounds that can be used in creams, salves, lotions and gels.
We’re pleased to be working with our brand-name customers in the field of topicals, a key product category under legalization 2.0 and for MediPharm Labs’ customers. We completed our first topical unit shipment direct to our customer earlier this week. As we continue to evolve our platform and add expertise in the area of topicals, we will be able to forge new agreements that will engage more of our capabilities including innovation services that extend customers’ product solutions.
Pat McCutcheon, Chief Executive Officer, MediPharm Labs
Medipharm Labs last traded at $2.16 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.
