FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “MediPharm Labs Provides Operational Update and Increases Average Weekly Production of Active Cannabinoid Component to 75 Million Milligrams.”
MediPharm Labs Corp. (TSX-V: LABS) (OTCQX: MEDIF) (FSE: MLZ) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to provide an update to investors on the significant strategic progress it is making, including with its successful ramp up of production capacity to supply its growing customer base.
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.
Cannabis has become one of the most trending topics worldwide because of its widespread legalization movements. While the plant has been heavily involved in the news cycle, cannabis has been around for centuries and was primarily used for medicinal applications. However, cannabis became listed as a controlled substance under international regulations due to the psychoactive nature of its marijuana derivative. In particular, the U.S. prohibited the sale and use of cannabis in the early 20th century, but by the 1990s, a select few states began to legalize it for the use of medical purposes. Now, as the months go by, more consumers and politicians view cannabis as a medicinal treatment option rather than a drug to simply get “high,” which completely reshaped the stereotypes revolving around the plant. Notably, California became the first state in North America to legalize the medical use of cannabis. And following its decision, a series of other states began to legalize cannabis medical as well. Now, more than half of the U.S. has legalized the use of medical cannabis. Additionally, throughout the past twenty years, the cannabis industry has rapidly changed and evolved. For instance, Colorado was one of the first states to legalize the recreational use of cannabis in 2014 and during Colorado’s first year of legal adult-use, the state delivered USD 683 Million in marijuana sales. By the end of 2018, Colorado reported record sales of USD 1.54 Billion. And as of April 2019, Colorado’smarijuana sales were on track to deliver yet another record year. Primarily, U.S. states such as Colorado, California, Washington, and Nevada are the main growth drivers for the global cannabis industry. However, as other nations, such as Australia, Canada, Germany, France, and Spain begin to accelerate their programs, the global cannabis industry is positioned for exponential growth. According to data compiled by Ameri Research, the global legal marijuana market was valued at USD 14.3 Billion in 2016. By 2024, legal marijuana global sales are projected to reach USD 63.5 Billion while exhibiting a CAGR of 21.1% from 2017 to 2024.
Over the past several years, cannabis flower has become an outdated delivery method and more consumers are switching to alternatives such as extracts. Cannabis extracts, also known as hash oils or dabs, have become increasingly popular because of their potency and effectiveness. With the advancements in extraction technologies and techniques, the cannabis industry has introduced more extracts such as budders and shatters. Extractors can select the desired parts of the plant, allowing them to produce a completely customized end result. For instance, an extractor can create a product that is rich in either CBD or THC, or they can create a balanced ratio. If extractors want to obtain a concentrate that is rich in CBD, they would most likely choose a hemp or cannabis strain that is CBD dominant. Several common forms of extraction methods include alcohol extraction, CO2 extraction, and butane extraction. On the other hand, extractors can also create concentrates without the use of solvents by using natural processes which utilize water, heat, and pressure. And, depending on the method, the final product has a purer, cleaner, and more enhanced effect on the consumer if it is produced in such a way. Currently, however, the industry is still in its infancy stage, meaning there is still much more room for it to grow. And as the industry continues to progress and develop, industry leaders believe that the extract market can evolve further from the current THC and CBD-based products and transition into a multifaceted industry. “There are so many bright, innovative minds in the cannabis industry, constantly pondering ways to create safer, more effective medicine for the various needs of patients … Currently THC, CBD, and terpenes are the main focus of the concentrate industry, but through continued research, the benefits and potential uses of other cannabinoids and compounds like CBNand THCV [may come into play],” according to Robert Ferguson, Director of Operations at Jetty Extracts.
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