MediPharm Labs Corp., a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce the expansion of its unique cannabinol (“CBN”) product line.
“Once again MediPharm Labs continues to innovate and commercialize unique cannabinoids. Our exciting new CBN:CBD is a unique formulation that allows consumers a CBN product without the effects of THC. This is an exciting addition to our wellness line of products which is produced to a pharmaceutical quality standard in a GMP licensed facility,” said Bryan Howcroft, CEO, MediPharm Labs. “Remaining on the forefront of innovation, MediPharm continues its pursuit to be recognized as the best precision-based cannabinoid company in the world.”
These new products are the latest being launched after the success of the Company’s CBN:THC Nighttime Formula and Northbound High CBN vape cartridge launched in the second quarter of 2021. CBN is typically found in only trace quantities in the cannabis plant but can be formed through oxidation of THC. Like THC, it binds to the endocannabinoid CB1 receptors but binds 8-10 times less strongly resulting in less psychoactive effects than THC at the same dose.
The Company believes this product addresses an untapped market and is likely to surpass the success of the two current CBN:THC products which, based on October 2021 sales, have an annualized revenue of $1.65M, net of excise duty. As of today, these new products will be available in Ontario in both retail stores and on the OCS.ca e-commerce website, with plans to distribute to the Company’s other six provincial distributors in the coming months.
The Company looks forward to further communicating new products to improve revenue from Canadian distribution. The Company’s Canadian distribution also acts as proof of concept for international distribution and large pharmaceutical and natural health product contract manufacturing services, given MediPharm Labs’ unique GMP Drug Establishment and Natural Health Product manufacturing licenses.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets.