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.
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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.
