Cannabis Firm Enters Agreement for Australian Facility

By: Dylan Sikes – AllPennyStocks.com News

Monday, July 11, 2022

The cannabis industry continues to grow and this specialty manufacturer just entered into an agreement to purchase a facility in Australia.

Founded in 2015, MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) is a pharmaceutical company specializing in precision-based cannabinoids. Per the company’s press release, the firm has entered into a Share Purchase Agreement with OneLife Botanicals PTY for the sale of MediPharm Labs Australia Pty Ltd, a wholly-owned subsidiary of the Company, for a minimum value of $6.9M AUD ( $6.2M CAD), subject to routine conditions and is anticipated to close within 90 days.

MediPharm 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.

Both Canadian and U.S. shares were trading up in early afternoon trade.

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