- Cannabis company MediPharm Labs (LABS) shipped a company record of 550,000 units during the fourth quarter of 2020
- In the same quarter, the company entered a supply agreement with the Nova Scotia Liquor Corporation, and shipped initial orders
- MediPharm Labs also produced Avicanna’s (AVCN) RHO Phyto medical formulary line, which has enjoyed a very successful launch
- Furthermore, the company became the first and only Canadian producer to launch a consumer-sized 99 per cent pure CBD isolate
- MediPharm Labs is up 13.46 per cent and is currently trading for C$0.59 per share
Cannabis company MediPharm Labs (LABS) shipped a company record of 550,000 units during the fourth quarter of 2020.
The number of total units shipped was 205 per cent higher than those shipped during 2020’s third quarter. 100,000 of the units shipped were owned private label MediPharm Labs Stock Keeping Units (SKU’s), compared to only 25,000 SKU’s in the previous quarter.
MediPharm Labs’ President and Interim CEO, Keith Strachan, commented on the company’s shipments during the last quarter of 2020.
“Shipment volume is a key measure that illustrates growing market demand and our ability to meet that demand through our GMP-certified facilities,” he said.
“This new milestone is something to celebrate but also to surpass as we focus all efforts on accelerating growth and improving profitability in 2021 consistent with the action plan introduced in November,” he added.
The last quarter of 2020 was a productive time for MediPharm, characterised by a number of milestones and positive developments.
In addition to shipping record units, the company also entered a supply agreement with the Nova Scotia Liquor Corporation and shipped initial orders there. As a result, MediPharm now has retail distribution agreements in six Canadian provinces.
MediPharm Labs also saw the successful launch of the RHO Phyto medical formulary line, which the company produced for Avicanna (AVCN). In response to overwhelmingly positive feedback, the company has ramped up production of six RHO Phyto products, and expects to increase output even further in 2021.
Furthermore, MediPharm became the first and only producer to launch a consumer-sized 99 per cent pure CBD isolate in Canada. The company sent the first shipments of LABS Cannabis CBD Crystalline Isolate to retailers in six provinces, with initial sales proving encouraging.
After such a strong end to a uniquely tumultuous year, MediPharm Labs expects these achievements to bolster the company as it continues to expand in 2021.
MediPharm Labs is up 13.46 per cent and trading for C$0.59 per share, as of 1:58pm EST.