MediPharm Labs Corp. (TSXV:LABS), one of the Canadian marijuana stocks, graduated to trade on the OTCQX Best Market in the United States
SmallCapPower | May 9, 2019: MediPharm Labs Corp. (TSXV:LABS) (OTCQX:MEDIF), one of the Canadian cannabis stocks, announced recently that it has qualified to trade on the OTCQX Best Market in the U.S. MediPharm Labs upgraded to OTCQX from the OTCQB Venture Market and began trading on OTCQX under the ticker “MEDIF.”
MediPharm Labs is global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, having operations in Canada and Australia. The Company focuses exclusively on cannabis oil extraction and operates a cGMP facility and ISO-rated laboratory clean rooms in Barrie, Ontario to produce purified, pharma-grade cannabis oil. Due its differentiated extracts-only business model, MediPharm acts as an agnostic partner to any licensed producer, providing both White Label Production and Contract Processing. As part of its international strategy, MediPharm is currently developing an extraction facility in Australia, expected to be completed in H2 2019. On April 3, 2019, MediPharm reported Q4 2018 revenue of $10.2 million and adjusted EBITDA of $2.1 million.
MediPharm Labs Chief Executive Officer Pat McCutcheon said, “As the first fully Licensed Producer to specialize solely in extraction, we have quickly scaled operations to emerge as the dominant market leader in the manufacturing of high quality, pharmaceutical-like production of cannabis derivative products – the future of cannabis. We have embarked on an ambitious plan to accelerate our growth domestically and internationally to become a global leader. Upgrading to the OTCQX Market from the OTCQB Market is another step in our plan to achieve accelerated growth that also demonstrates our commitment to transparency, improving liquidity, and further expanding our exposure and access to our stock for investors to share in the future upside potential of MediPharm Labs.”
Year-to-date, shares of MediPharm Labs have surged more than 200% to its recent price of $5.87, and currently trade at a market capitalization of C$666 million with a price-to-book multiple of 20.0x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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