- MediPharm (LABS) has received a Canadian GMP pharmaceutical drug establishment license
- The license, issued by Health Canada, is a first of its kind for cannabis manufacturing in North America
- The company plans to leverage the license against mutual recognition agreements between Canada and other regulatory authorities
- The license can be recognized in over 50 countries including the U.S.
- MediPharm develops and manufactures cannabis concentrates, active pharmaceutical ingredients and advanced derivative products
- MediPharm (LABS) is up by 1.09 per cent and is currently trading at $0.465 per share
MediPharm (LABS) has received a Canadian GMP pharmaceutical drug establishment license.
The license, issued by Health Canada, is a first of its kind for cannabis manufacturing in North America. It can be used to manufacture, test and sell active pharmaceutical ingredients and drug products containing cannabis.
MediPharm plans to leverage the license against mutual recognition agreements between Canada and other regulatory authorities, including Europe, Australia, the U.K. and Switzerland.
The company will use the license in conjunction with its Australian TGA GMP certification to optimize supply chains for the export of its products to over five countries in 2021.
As part of the International Pharmaceutical Inspection Co-operation Scheme, the Health Canada license can also be recognized in over 50 countries including the U.S.
MediPharm would be eligible for a U.S. FDA foreign inspection if a pharmaceutical customer files a registration application containing MediPharm API.
The company is now well-positioned to serve as a cannabis manufacturing partner across the global pharmaceutical landscape.
Keith Strachan, President and Interim CEO of MediPharm Labs, commented,
“MediPharm Labs now becomes one of a small number of companies who can take cannabis plant material and produce an API or a pharmaceutical drug product that could have marketing authorization by regulatory bodies such as the European Medicines Agency and FDA.”
MediPharm develops and manufactures cannabis concentrates, active pharmaceutical ingredients and advanced derivative products.
MediPharm (LABS) is up by 1.09 per cent and is currently trading at $0.465 per share as of 12:30 pm ET.
