MediPharm Labs Shares Slightly Up On Obtaining Export Authorization To Ship Medical Cannabis To Brazil

Cannabis-focused pharmaceutical company MediPharm Labs Corp. LABS MEDIF MLZ announced Wednesday that it had obtained approval from ANVISA and Health Canada to ship medical cannabis oil to Brazil.

The initial shipment to patients for the company’s partner XLR8 is a crucial milestone, says MediPharm, which recently received Health Canada’s Drug Establishment Licence, “a first of its kind license” to produce cannabis issued in North America.

The Canadian company and XLR8, a Curitiba-based value-added distributor in Brazil, partnered in September 2020 to bolster MediPharm’s delivery services to the largest medical cannabis market in Latin America.

Under the two-year deal pending ANVISA Sanitary Product Authorization, MedPharm agreed to provide a wide range of cannabis concentrate formats for formulated products later to be distributed by XLR8.

“MediPharm Labs continues to execute our plan to provide pharmaceutical-grade medical cannabis products to patients around the world,” Keith Strachan, the company’s president and interim CEO disclosed. “It is with great partners, like XLR8, with local country expertise that we can effectively achieve this goal.”

The company said that the initially approved delivery goes directly to patients under the compassionate care program, allowing XLR8 to begin its medical cannabis research.

“Based on our business pillars, clinical research development is a strategic path to provide substantial clinical evidence to support physicians in making appropriate decisions inpatient care, and cannabis is a real alternative,” Thiago Callado, XLR8's CEO and founder, said.

MediPharm’s shares traded 0.32% higher at $228.37 per share at the time of writing Wednesday late morning.

Photo: Courtesy of Avery Meeker on Unsplash