MediPharma Labs Corp (OTCMKTS:MEDIF) announced that its operation in Australia MediPharm Labs Australia Pty. Ltd. attained a huge operational milestone in June after it delivered around $0.5 million worth of formulated products to customers.
MediPharm Australia delivers $500,000 shipment in June
Pat McCutcheon, the CEO of MediPharm Labs, stated that they established the Australia operation as part of the company’s strategy of having multi-regional GMP-approved production capabilities. Since its opening in 2019, the Australia operation has secured several domestic as well as international supply agreements. McCutcheon stated that to attain such a huge revenue milestone barely two months after GMO certification is proof of the demand for the company’s formulations.
The Therapeutics Goods Administration certified the Australian facility for meeting GMP standards in May this year. Also, the facility secured a Manufacturing License for therapeutic products. The company has established an international pharmaceutical supply chain that is ready to serve medical cannabis markets.
MediPharm Labs’ Asia Pacific CEO Warren Everitt said they are excited by the development and the long-term potential they are showing to lead markets. In the first month of operation, he stated they managed to ship around $500,000 that comprised or THC and CBD oils.
MediPharm products to be tracked in by a blockchain
Recently the company announced a collaboration with Medical cannabis by Shoppers Inc. and University Health Network, which will employ blockchain tech in tracking medical cannabis products from growing to sale. This year, Medipharm’s GMP-certified THC and CBD products were launched on Medical Cannabis by Shoppers’ portal. Some of the products launched include CBD 50, CBD 25:5, and CBD 25, as well as a collection of Aviacanna Rho Phyto™ THC and CBD products that have been picked in a 24-week pilot study.
McCutcheon said that the study will have significant benefits for MediPharm and patients as the company continues to offer quality pharmaceutical products that are verified and tested. He added that the study will boost confidence in medical cannabis and thus offering physician and cannabis patients a true picture of the products they are consuming.