MediPharm Labs Corp. (TSX: LABS and OTCQX: MEDIF) has completed its first manufacturing contract for a shipment of bottled cannabis topicals.
The company is ramping up its research and development efforts to expand its presence in the Canadian topicals market as consumer demand grows, CEO Pat McCutcheon said in a press release.
The topicals shipment was finished on Wednesday, according to the release. The shipped products were manufactured and packaged in MediPharm’s 25,000 square foot GMP-certified facility in Barrie, Ontario, and are bound for both medical and recreational markets.
“We’re pleased to be working with our brand-name customers in the field of topicals, a key product category under legalization 2.0 and for MediPharm Labs’ customers,” CEO Pat McCutcheon said.
“As we continue to evolve our platform and add expertise in the area of topicals, we will be able to forge new agreements that will engage more of our capabilities including innovation services that extend customers’ product solutions.”
MediPharm launched in 2015 as one of Canada’s first non-vertically integrated cannabis companies, focusing on extraction rather than production to sales.
After cannabis 2.0 products were legalized for sale, MediPharm saw a boom in demand for topicals, McCutcheon said. As global markets open up and similarly legalize concentrate-based products, that demand is likely to grow.
MediPharm is already set up to develop new, high-quality, high-potency products users in both the medical and recreational markets can rely on, he added.
“Today’s announcement that we’ve formed and accelerated our very own topicals R&D program should be interpreted for what it is: a clear sign that we can and will do more to innovate and drive our growth and presence in this important and growing space,” McCutcheon said.
Top image: MediPharm Labs co-founders Keith Strachan (left) Pat McCutcheon (right). Submitted photo