The company is pleased to attach a copy of a news release by MediPharm Labs Inc announcing that it had shipped over CAD$10 million of cannabis oil in December 2018. There is a 4.3% shareholding and 2.9 million warrants in MediPharm Labs and MMJ has approximately about 4.4 million shares. The investment signifies approx. 17% of the market value of MMJ's total investment portfolio.
Focused on downstream secondary extraction methodology, cannabinoid isolation, and purification, distillation, Medipharm labs corp., the leader in specialized fully under the Cannabis Act for research-driven cannabis extraction, is pleased to announce it has three cannabis oil sales agreements.
In December 2018 aggressively valued at over $10 million the first large shipments of cannabis oil supply left by the company’s dock. Medipharm labs have emerged as the class leader in the category of extraction, as a pioneer in the cannabis industry which is highlighted by the first month of sales agreements of high-quality concentrate.
The company continues to build momentum as it is increasingly being recognized for toll processing particularly among mid-to-large-sized vertically integrated licensed producers and as the supplier of choice for high quality purified cannabis oil and the company sees a clear path for sustainable and continued growth in 2019 and beyond.
The company’s strong momentum is continuing in 2019 with accomplishments like white label program which is processed and sold large quantities of dried cannabis to ensure supply of oil for all customers. The company also with 6 LPs under Cannabis Concentrates Program executed multiple long-term tolling arrangements. The initial capacity of drying capacity was increased to 150,000 kg which increased by 50% as approved by health Canada Dec 24, 2018.
Through the multitude of substantial contracts, the company is looking forward to accelerating growth and strong pipelines of opportunities to be enhanced in the near term. To extract and import/export medical cannabis product the company has completed the application process with the federal office of Drug Control.
MMJ traded at a market price of $0.275 which is up by 5.769% or $0.015. The daily number of shares traded were at 455,307. The company has performed negative -48.51% in the past year but has recovered to 30.00% in the past month. The market cap as at January 17, 2019, is $59.84 million. The company has an attractive P/E of 1.980 and EPS of 0.131 AUD.
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