MediPharm Labs Appoints New Chief Financial Officer

TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce Greg Hunter will join MediPharm Labs as Chief Financial Officer (CFO), effective February 8, 2021.

Greg Hunter brings over 20 years of experience as a business executive holding various senior finance and leadership roles across multiple industries including healthcare distribution, telecommunications, pharmaceuticals, biotechnology, medical device and consumer packaged goods. Greg also brings a track record and deep expertise in capital management, audit, compliance, tax, treasury, ERP, manufacturing, contract management and pricing strategy.

“As MediPharm continues to focus on accelerating the growth and execution of our global pharmaceutical, health and wellness business, Greg’s background in growing large pharmaceutical operations combined with a track record in strategic capital allocation and cost management is a strong addition to our Company,” said Keith Strachan, President and Interim CEO, MediPharm Labs. “As we look to seize new growth opportunities and expand our product offerings, his addition will ensure that we are well positioned to execute on our plans and deliver profitable growth in the future.”

Most recently, Greg was Chief Financial Officer of Medical Pharmacies Group Limited, a leading pharmacy and medical equipment manufacturer and distributor in Canada. Previously in the pharmaceuticals industry, Greg held various senior management roles with Baxter International Inc. including serving as CFO of Baxter’s Canadian subsidiary. Greg also previously held various senior operational and finance roles at Janssen-Ortho Inc., a Johnson and Johnson company.

Keith Strachan added, “I would also like to thank Olga Utkutug for her many contributions and leadership as Interim CFO. We look forward to her continued support as a key member of our finance team.”

Greg holds an MBA from McMaster University, an Honors B.Sc. in Microbiology and Immunology from University of Western Ontario and is a Chartered Professional Accountant.

In connection with Greg’s appointment as CFO, the Company granted 600,000 stock options to him with an exercise price set at the close of business on January 28, 2021. Each grant has a five-year term expiring January 28, 2026, and vests in five equal instalments, the first of which vests immediately with the four other instalments vesting on the dates which are six, twelve, eighteen and twenty-four months from the grant date. The stock options are subject to any necessary regulatory approvals.

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, they formulate, consumer-test, process, package and distribute 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 has fully commercialized its wholly-owned Australian extraction facility. MediPharm Labs Australia was established in 2017.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding: accelerating the growth and execution of the Company’s global pharmaceutical, health and wellness business; new growth opportunities; expanded product offerings; and executing on plans and delivering profitable growth in the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

CONTACT: For further information, please contact:
Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 1525
Email: investors@medipharmlabs.com
Website: www.medipharmlabs.com