FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “MediPharm Labs Announces Upgrade to the OTCQX Best Market in the U.S. Under Symbol “MEDIF” and “MediPharm Labs Appoints Renowned Medical Expert and Pharmaceutical Researcher Dr. Paul Tam to its Board of Directors.”
MediPharm Labs Corp. (TSX-V: LABS) (OTCQX: MEDIF) (FSE: MLZ) announced that the Company has qualified to trade on the OTCQX® Best Market. MediPharm Labs upgraded to OTCQX from the OTCQB® Venture Market and begins trading under the symbol “MEDIF”.
MediPharm Labs Corp. announced the appointment of Dr. Paul Tam, MBBS, FRCP(C), FACP to its Board of Directors effective immediately, subject to the necessary regulatory approvals. In connection with the Company’s goal of satisfying non-venture requirements for corporate governance and financial oversight, Dr. Tam will also replace Chris Hobbs on the Company’s Audit Committee resulting in an Audit Committee fully comprised of independent directors in accordance with National Instrument 52-110 – Audit Committees.
Founded in 2015, MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from being built to cGMP (current Good Manufacturing Practices) and ISO standard-built clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-like cannabis oil and concentrates for advanced derivative products.
Dozens of countries around the world have moved to legalize cannabis in some form, even though the majority of these countries are only allowing cannabis for medical applications. Research has linked cannabis’ two main components, tetrahydrocannabinol (THC) and cannabidiol (CBD), to treating a variety of medical conditions. The compounds can effectively treat symptoms associated with conditions such as cancer, chronic pain, blood pressure, muscular problems, and even epilepsy. Despite the beneficial uses of cannabis, however, it still remains heavily enforced under international regulations. Regardless, a handful of countries such as Australia, Canada, Colombia, France, and Germany have moved to adopt medicinal cannabis. Still, many countries remain hesitant about entering into the industry due to the legality concern revolving around the plant. However, as clinical trials and research continue to develop, countries are expected to better understand the benefits of cannabis and potentially move towards legalizing its use. Furthermore, according to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 14.5 Billion in 2018. By 2024, the market is projected to reach USD 89.1 Billion, registering a CAGR of 37% during the forecast period.
The amount of countries that have legalized medical cannabis is very limited, however, those countries represent some of the largest populations in the world. For instance, in 2017, Germany’s parliament signed a bill to allow doctors to prescribe cannabis to patients suffering from chronic pain, vomiting, and nausea for relief. Germany’s decision reaches over 80 million citizens. Meanwhile, in early 2018, Australia allowed cannabis producers in the region to export medicinal cannabis and products globally. Additionally, Australia also receives imports from international cannabis producers, which can target over 20 million citizens. The large addressable market depicts just how rapidly the cannabis industry has expanded. On the other hand, the U.S. itself accounts for the largest market share, even though cannabis remains federally regulated. Despite these federal limitations, the U.S. government has given states the authority to decide whether to legalize cannabis for themselves. As of 2019, there are only four U.S. states that prohibit any kind of cannabis use. The remaining 46 states, including the District of Columbia, allow the use of cannabis on some level, whether it’s for medical, solely CBD use, or even recreational in some states. “As legislation expands rapidly worldwide, the volume of efficacy data is growing, as are legitimate clinical trial studies,” says Liam McGreevy, Chief Executive Officer of Ethnopharm, a European cannabis company specializing in genetics and distribution, “This data will enable us to better understand the effects of the various cannabinoids and terpenes, their synergistic effect and how their impact links to the individual’s genetics or biomarkers. This data is key to understanding the most effective combinations and strengths for various conditions, moving towards targeted personalized medicines.”
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