BARRIE, Ontario, Nov. 15, 2021 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids today announced its financial results for the three and nine months ended September 30, 2021, a period of transition in establishing itself as an international pharmaceutical company specializing in cannabis.

Q3 2021 Key Highlights

• Received North America’s sole Drug Establishment Licence (“DEL”) amongst cannabis companies, which will allow MediPharm to conduct pharmaceutical manufacturing and sale of Active Pharmaceutical Ingredients and Finished Dose Goods containing cannabis. MediPharm’s current and future domestic Canadian cannabis partners will benefit from the DEL as MediPharm can now provide them a conduit to pharmaceutical and international markets. The DEL is a key enabler of the Company’s future successes.
• International sales increased 16.5% sequentially to $2.9 million and represented 53% of sales in Q3.
• Announced new CEO, Mr. Bryan Howcroft to drive international and pharmaceutical sales growth.
• Strong balance sheet position, with $38 million in cash and cash equivalents as at September 30, 2021.
• Succeeded in the Ontario Cannabis Store product call adding SKUs in oil and vape formats, particularly a high demand CBD vape product that contains only CBD and naturally derived terpenes. This CBD vape is more shelf stable versus current Canadian competitors.
• Achieved Major Pharmaceutical Milestone for global distribution, including in the U.S.
• New product development innovation for new areas of growth in CBN and other cannabinoids.

Q3 Overview

“In Q3 2021, we were awarded one of the most important licences in our Company’s history related to North American GMP certifications, the DEL. The DEL establishes the Company as a true pharmaceutical partner while continuing to deliver on our international medical cannabis sales,” said Keith Strachan, President, MediPharm. “We increased our international medical presence and sales by 16.5% q/q, which is a testament to our efforts to lead in this area. We view the international medical cannabis market to be a key driver of our future revenue growth. We also continue to innovate in new product development, with minor cannabinoids such as CBN, as well as our clinical trial program.”

“Looking ahead, efforts are well underway to ensure MediPharm maintains a leading position in the projected multibillion-dollar global cannabinoid-derived pharmaceuticals and international medical markets. This is where our unique licenses and professional expertise will make us the go-to partner for pharmaceutical companies around the globe with potential for material revenue growth for years to come.” To this end, we are delighted to welcome our new CEO to MediPharm, effective today, Mr. Bryan Howcroft. Mr. Howcroft’s deep expertise in navigating complex regulated international markets will enable MediPharm’s transition towards pharmaceutical and medical markets to reach new heights.

Balance Sheet Stability Supports Strategic Execution

• Cash and cash equivalents totaled $38 million at September 30, 2021 and the cash balance outstanding under the convertible notes was under $1.9 million. As of today, the balance outstanding under the convertible notes is only $0.5 million. This strong cash balance is sufficient to support the Company’s long-term growth strategy.

Financial Results Summary Table

(1) Adjusted Gross Profit is a non-IFRS measure. See Non-IFRS Measures section of this news release.

(2) Adjusted EBITDA is a non-IFRS measure. See Non-IFRS Measures section of this news release.

Q3 2021 FINANCIAL RESULTS CONFERENCE CALL

MediPharm executive management team will host a conference call and audio webcast to discuss the results and outlook for the three and nine month period ended September 30, 2021 on Monday, November 15, 2021, at 8:30 a.m. eastern time.

Audio Conference Call Dial in Details:

NON-IFRS MEASURES

Adjusted EBITDA and adjusted Gross Profit are not recognized performance measures under IFRS, do not have a standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA and adjusted Gross Profit are included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash charges and charges or gains that are non-recurring. Adjusted EBITDA is defined as net loss excluding interest, taxes, depreciation and amortization expense, interest income and expense, finance fees, gain in revaluation of derivative liabilities, taxes, impairment losses on inventory, write down of deposits and share-based compensation. Adjusted EBITDA has limitations as an analytical tool as it does not include depreciation and amortization expense, interest income and expense, taxes, share-based compensation and transaction fees. Because of these limitations, Adjusted EBITDA should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results as reported under IFRS. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is operating income (loss). The above is a reconciliation of the Company’s operating loss to Adjusted EBITDA. See “Reconciliation of non-IFRS measures” in the Company’s Management’s Discussion and Analysis for the period ended September 30, 2021 for additional information. Adjusted gross profit is defined as gross profit/(loss) excluding the adjustments for accelerated depreciation, write down of non-current deposits and write down of inventory. Adjusted gross profit is a useful measure as it represents gross profit for management purposes based on costs to manufacture, package and ship inventory sold, exclusive of any impairments due to changes in internal or external influences.

About MediPharm

Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes 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 completed commercialization of its Australian extraction facility which generated its first revenues in H1 2020. MediPharm Labs Australia was established in 2017.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment Licence from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing License for the extraction of natural cannabinoids.

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: the Company establishing itself as an international pharmaceutical company; a leading position in the projected multibillion-dollar global cannabis pharmaceutical market; becoming the go-to partner for pharmaceutical companies around the globe; potential for material revenue growth for years to come; and the Company’s transition towards pharmaceutical and medical markets reaching new heights. 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 to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm’s 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 assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

TACOMA, WA / ACCESSWIRE / May 17, 2021 / IONIC BRANDS CORP. (CSE:IONC)(OTC PINK:IONKF)(FRA:1B3) (“IONIC BRANDS” or the “Company”) is a regional manufacturer of innovative cannabis consumables and concentrate extract products, is pleased to announce that together with REPS JAPAN Co. Ltd., (“REPS”), the parties have executed a License Agreement that will allow REPS the exclusive rights to produce, manufacture, and distribute CBD vape products throughout Japan under the IONIC brand name.

The companies have been preparing to launch IONIC branded cannabidiol (“CBD”) products in Japan since early 2018. After three years of strategic planning, market research, streamlining importation, formulation research and development, and identification of reliable distribution channels, IONIC BRANDS and REPS are now ready to begin selling in Japan.

In the coming weeks of May 2021, the two companies have planned to launch a CBD version of the American IONIC Black Line Disposable Vape Pen for test marketing. The vape oil used is 40% hemp stem-derived CBD and enhanced with various terpenes found in hemp and other plants. Products will be distributed within offline shops throughout Okinawa, Tokyo and online nationwide through one of the largest CBD e-commerce site, http://cbd-library.com, and a direct-to-consumer site. The companies plan to use crowd testing platforms, which are popular in Japan, to test new flavors and devices for this young and growing CBD market.

Dr. Zachary Bell, IONIC BRANDS Chief Science Officer and founder of REPS, has been with the Company since 2017 and lives in Okinawa, Japan. Dr. Bell founded REPS as his own private research company that focuses on developing IONIC BRANDS’ R&D programs for both the U.S. and emerging Asian markets. REPS is located at the Okinawa Institute of Science and Technology (OIST), one of Japan’s premier graduate universities and research institutes.

Unlike the US, the CBD market in Japan has not been saturated with many brands and types of products. While smoking tobacco is still quite popular in Japan, safer alternatives are a growing trend with more and more consumers adopting electronic vaporizers. Education on using CBD vapes are still in progress for this new market, but IONIC is seeing a growing consumer interest in CBD products and vapes. In addition to offering the natural hemp and cannabis flavored vape oils IONIC is known for, REPS is developing flavor options using provincial aromas and tastes.

IONIC BRANDS Chairman and CEO John P. Gorst commented, “IONIC BRANDS and Dr. Bell have been collaborating for several months on the development of a world-class, premium CBD blend that is sourced locally in Japan and working within laboratories of the Okinawa Institute of Science and Technology. We will be jointly selling our products online with REPS direct-to-consumer, as well as select retail locations in Tokyo and Okinawa Japan. This will represent IONIC BRANDS’ first international licensing agreement outside of the United States”.

Dr. Bell, was quoted saying, “While working in the US at IONIC BRANDS, I recognized we would be a more valuable company if we had stronger relationships with academic and biomedical researchers as a means of driving internal innovation and technology development. IONIC BRANDS, and my science team at REPS, are excited to see our years of hard work in Japan finally pay off. Furthermore, IONIC is the perfect fit for Japanese market. Japan is a country that has a high attention to detail and strives to achieve perfection, thus a well suited for IONIC. We are confident the premium luxury IONIC devices, packaging, and formulas will be fast moving products in Japan. Being able to have IONIC products “Made-In-Japan” is one of my biggest contributions to IONIC BRANDS to-date during my 4 years with the Company.”

About IONIC BRANDS Corp.

The Company is dedicated to building a regionally based multi-state consumer packaged goods company with a highly respected cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape, concentrates and consumables. The cornerstone Brand of the portfolio, IONIC, is a top concentrates brand in Washington State along with its economy brand Dabulous and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. IONIC BRANDS’ strategy is to be the leader of the highest-value segments of the cannabis market.

On behalf of IONIC BRANDS CORP.

John Gorst
Chairman & Chief Executive Officer

For more information visit www.ionicbrands.com or contact:

John Gorst
[email protected]
+1.253.248.7927

To stay better informed with the current events of the company you can join our investor community at https://www.ionicbrands.com/investor-community

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.

SOURCE: IONIC Brands Corp.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.