#medipharm labs

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MediPharm Hits HEXO with $9.8 Million Lawsuit, LABS Price Target Slashed - The Cannabis Investor

MediPharm Sues HEXO Over Alleged Breach of Contract for Nonpayment PI Financial Analyst Cuts LABS Price Target in Response to Lawsuit News Earlier reports indicated that MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) was suing an unnamed Canadian licensed producer (LP). This afternoon, David George-Cosh of BNN Bloomberg reported that the unidentified company was HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H). On Friday, MediPharm announced that the company filed a $9.8 million lawsuit in the Ontario Superior Court of Justice against a company that we now know is HEXO. The statement of claim alleges that HEXO failed to make payments relating to the private label cannabis oil deal the two companies agreed to in February 2018. BNN Bloomberg was able to access the court documents filed by MediPharm at the London office of the Ontario Superior Court of Justice. According to these documents, MediPharm is claiming that HEXO has not made a payment relating to the private label oil deal since this past October. The lawsuit goes on to allege that HEXO currently owes MediPharm $9.8 million in back payments. The two companies initially signed the cannabis oil sales contract on February 19, 2019. Under the terms of …

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#16 Pat McCutcheon, CEO at MediPharm Labs

Corporate Bio

Before founding MediPharm Labs, Pat enjoyed a 15-year career in the pharmaceutical industry in top sales roles, successfully launching a wide range of medical products. He most recently worked at Jansen Pharmaceuticals (Johnson & Johnson) where he led the Hospital Division for Renal and Mental Health products.

Pat’s foresight in creating a business that focuses on advanced cannabis concentrates bodes well for medical research, investors and consumers alike. Pat holds an Honors Bachelor of Science degree in biology from the University of Western Ontario.  

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MediPharm Labs Announces Q4 2018 Revenue of $10.2 Million and Adjusted EBITDA of $2.1 Million - The Cannabis Investor

TORONTO, April 03, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS) (OTCQB: MLCPF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce fourth quarter and full year financial results for the year ended December 31, 2018. The audited consolidated financial statements and management’s discussion and analysis for the periods are available on SEDAR. Fourth Quarter 2018 Highlights Revenue of $10.2 million, commencing November 12th after receipt of sales license from Health Canada Gross Profit of $4.0 million, Gross Margin 39% Adjusted EBITDA(1) of $2.1 million, Adjusted EBITDA(1) margin of 21% Became first fully Licensed Producer to specialize solely in cannabis extraction Signed large private label cannabis oil sale agreement with Canopy Growth Corporation for the sale of up to 900 kg over 18 months Expanded licensed extraction throughput capacity by 50% to 150,000 kg per year Full Year 2018 Highlights Strengthened management team adding deep scientific, processing, supply chain, finance and regulatory affairs expertise Signed 4 multi-year tolling agreements with James E. Wagner Cultivation Corporation, INDIVA Limited, Emerald Health Therapeutics, Inc. and The Supreme Cannabis Company, Inc. Purchased 3.8 million grams of dried cannabis from multiple Licensed …