MediPharm Labs Expands Wellness Portfolio, Launches Next Generation of Oils with New Unique CBN Rich Formula

BARRIE, Ontario, March 26, 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, today announced a further expansion of its innovative, pharma-quality family of branded products with the retail introduction of CBD 100, THC 30 and the Company’s first cannabinoid cannabinol (CBN) rich formula.

“MediPharm Labs is dedicated to developing innovative and customized formulated products that consumers can trust for their individual medicinal and wellness needs,” said Keith Strachan, President and Interim CEO, MediPharm Labs. “Our latest release of new cannabinoid based formulas, including our first formulation of minor cannabinoid CBN, enables us to fulfill increasing customer demand for more personalized products while maintaining our commitment to pharma-quality manufacturing.”

These new products are the latest in MediPharm Labs’ family of branded products, each delivering a unique flavour profile from the naturally occurring cannabis terpenes, each using coconut/palm-based MCT carrier oil carefully chosen for sustainable practices and each produced according to our exacting manufacturing standards to ensure the highest purity and quality.

The new products include CBD100 Ultra Formula oil, containing the highest amount of CBD currently available at 100mg/ml and THC30 Plus Formula oil, containing 30mg/ml, the most potent format available under Health Canada’s regulations.

MediPharm also launched its next generation oil products with its first unique CBN formula, CBN1:2 Nighttime Formula containing 10mg/ml of CBN and 20mg/ml of THC using full spectrum cannabis concentrate CBN.

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.

Initial quantities will be available in the coming weeks for patients through Medical Cannabis by Shoppers^TM and for consumers through retail channels in Ontario, British Columbia, Alberta, Manitoba and Saskatchewan. MediPharm Labs plans to achieve full national distribution of its full suite of cannabis products becoming a “One-Stop-Shop” for retailers and distributors across Canada.

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: developing innovative and customized formulated products that consumers can trust; fulfilling increasing customer demand for more personalized products; product manufacturing quality; product availablity in the coming weeks for patients and for consumers through various channels and in various provinces; and achieving full national distribution of the Company’s full suite of cannabis products to become a “One-Stop-Shop” for retailers and distributors across Canada. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43226676-73ce-4923-97aa-c3cb831e4b23

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