INDIVA (TSXV:NDVA) is pleased to announce its wholly-owned subsidiary, INDIVA Inc., has entered into a Cannabis Concentrate Program Agreement (the “Agreement”) with MediPharm Labs Inc. (“MediPharm”). Pursuant to the Agreement, the parties have entered into a commercial arrangement whereby INDIVA will provide MediPharm with dried cannabis to use for the purposes of creating cannabis oil (the “Program”). The Program will be for an initial term of three years.
Subject to the bulk transfer approval of Health Canada and other applicable regulatory approvals, INDIVA will ship dried cannabis to MediPharm which MediPharm will use to produce cannabis oil. The parties intend that under the Program, MediPharm may provide cannabis oil to INDIVA or to other licensed producers of medical cannabis at the direction of INDIVA. Alternatively, INDIVA may release the cannabis extract for use by MediPharm. The Program will be established at no capital cost to INDIVA; however, MediPharm will charge INDIVA processing fees for the cannabis oil produced, and the revenue earned on sales of cannabis oil by MediPharm will be shared between MediPharm and INDIVA.
Niel Marotta, INDIVA’s President and Chief Executive Officer, said: “We are very happy to partner with MediPharm and we are excited to accelerate our offering of cannabis oil to our clients. We will continue to construct our extraction facility and lab in London, however this partnership provides near term capacity, as well as terrific long-term potential, as we prepare for the recreational market to commence, and for the market to shift towards the manufacture and sale of derivative products.”
Pat McCutcheon, MediPharm’s President and Chief Executive Officer said: “We’re very proud to provide a comprehensive oil strategy and a long-term partnership with a company with such unique genetics and proven experience and expertise in its cultivation and grow strategies.”
About MediPharm Labs Inc.
Founded in 2015, MediPharm Labs is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from MediPharm Labs’ cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm Labs is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand. In addition, MediPharm Labs will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
For additional information about MediPharm Labs, please see the company’s website: www.medipharmlabs.com
INDIVA is a Canadian supplier of high quality, medical grade cannabis. INDIVA’s strain selection, cultivation and client care processes combine the know-how and experience of an internationally recognized and award-winning grow-team with GMP-compliant quality assurance standard operating procedures.
INDIVA’s wholly owned subsidiary is a Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulation (“ACMPR”) with its first indoor cannabis production facility located in London, Ontario.
INDIVA aims to become a global marijuana brand recognized for high quality cannabis products and excellent client care. As marijuana laws liberalize in Canada, INDIVA will expand its product offering to include safe edibles and other client-friendly cannabis products. In addition, as marijuana laws liberalize internationally, INDIVA will use its Canadian operations as a platform to open new markets for its cannabis products.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the information contained herein and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
This press release contains forward-looking statements about INDIVA and its business which may include, but is not limited to, risk, uncertainties and other factors that may cause actual events to differ materially from current expectations. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Indiva. For example, there can be no guarantee that the Program will proceed as intended by the parties and set out in the Agreement, or that applicable regulatory approvals will be obtained to carry out the activities contemplated herein. Other risk factors include risks regarding the cannabis industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Indiva has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
For further information: Niel Marotta, CEO, INDIVA, Phone: 613-883-8541, Email: firstname.lastname@example.org; Pat, McCutcheon, CEO, MediPharm Labs, Phone: 705-719-7425, Email: email@example.com; Steve Low, Investor Relations, INDIVA, Phone: 647-620-5101, Email: firstname.lastname@example.org; Sybil Taylor, IR, MediPharm Labs, Phone: 416-402-2169, Email: email@example.com
Subsequent to this press release, MediPharm Labs Corp. went public on October 4, 2018 under the ticker symbol TSXV:LABS.