CBD-focused pharmaceutical company MediPharm Labs Corp. LABS MEDIF MLZ announced its financial results on Monday for the three and nine months ended Sept. 30.
During the third quarter of 2021, the Barrie, Ontario-based company generated $5.4 million, up by roughly 6.9% sequentially.
In addition, it posted a 16.5% sequential increase in international sales, which totaled $2.9 million for the period, representing 53% of total sales for the period.
Keith Strachan, the company’s president, called the international medical cannabis market “a key driver of our future revenue growth.”
Q3 2021 Financial Highlights
- Negative gross profit was $1.86 million compared to $7.73 million in the prior period.
- Net loss totaled $7.35 million versus an $11.8 million net loss in the second quarter of 2021.
- Adjusted EBITDA came in negative at $5.6 million, versus $3.7 million in the prior quarter.
- Strong balance sheet position, with $38 million in cash and cash equivalents as of Sept. 30.
Q3 2021 Operational Highlights
- Received North America’s sole Drug Establishment Licence amongst cannabis companies, which will allows the company to conduct pharmaceutical manufacturing and sale of Active Pharmaceutical Ingredients and Finished Dose Goods containing cannabis.
- Succeeded in the Ontario Cannabis Store product call adding SKUs in oil and vape formats, mainly a high demand CBD vape product that contains only CBD and naturally derived terpenes.
- Achieved Major Pharmaceutical Milestone for global distribution, including in the U.S.
“The DEL establishes the Company as a true pharmaceutical partner while continuing to deliver on our international medical cannabis sales,” Strachan added.
Simultaneously, the recently hired Bryan Howcroft has started serving as the company’s new CEO, effective Monday.
Howcroft’s deep expertise in navigating complex regulated international markets will enable MediPharm’s transition toward pharmaceutical and medical markets to reach new heights, the company disclosed.
More recent news from MediPharm Labs:
- Cannabis Movers & Shakers: Urban-Gro, MediPharm Labs, RWB, Isracann Biosciences, MedMen
- MediPharm Labs Taps Bryan Howcroft as Chief Executive Officer And Director
- MediPharm Labs To Provide Materials For Clinical Trial On CBD For Insomnia
- MediPharm Labs Shares Slightly Up On Obtaining Export Authorization To Ship Medical Cannabis To Brazil
Photo: Nataliya Vaitkevich from Pexels
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