MediPharm Labs (TSX: LABS), a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, has closed a private placement with an institutional investor for aggregate gross proceeds of C$37,822,500. According to the update, MediPharm Labs intends to use the proceeds for general corporate purposes, including building on the launch of its cannabis 2.0 offerings with new product formats and expanding its product and active pharmaceutical ingredient exports. In addition, the proceeds will strengthen the company’s balance sheet in successful navigation through the economic recession created by the COVID-19 pandemic. Roth Capital Partners acted as sole placement agent for the offering.
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About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision -dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, consumer-tests, processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and is nearing commercialization of its Australian extraction facility. MediPharm Labs Australia was established in 2017. For more information, please visit www.MediPharmLabs.com.
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