MediPharm Labs co-founders, Pat McCutcheon (Chairman & CEO) and Keith Strachan (Director & President), were named as finalists in the EY Ontario Entrepreneur of the Year Award in the Health & Life Sciences category. Finalists and winners were announced on October 24, 2019 in Toronto at the annual awards gala.
The EY Entrepreneur of The Year recognizes the endeavors of exceptional people who create the products and services that keep local and global economies moving forward. Since its inception, Entrepreneur of The Year has grown and now includes programs in more than 145 cities and more than 60 countries worldwide.
“I am deeply honoured and humbled to have been named a finalist of this globally recognized award,” said Pat McCutcheon, Chairman and Chief Executive Officer of MediPharm Labs. “We began this company with a vision to change the world by harnessing the power of cannabis. I am grateful for all who trusted and believed in us along the way, especially our relentless and hard-working employees, our loyal investors and unwavering friends and family. The immense possibilities that are still to come in this rapidly evolving industry makes the future of cannabis very bright. We are all excited for what is also still to come for MediPharm Labs here in Canada and across the globe.”
“It’s been a record-paced year since recreational cannabis was legalized and we commenced sales in this new ground-breaking industry. We’ve come a long way through many hurdles. We remained steadfast in our vision, believing in ourselves and in our dream of building the best cannabis company in the world,” says Keith Strachan, Director and President of MediPharm Labs. “Being recognized and named as a finalist for the prestigious Entrepreneur of the Year award is an honour and incredible validation of the last four years. I’m looking forward to what the future holds for MediPharm Labs, we are just getting started.”
MediPharm Labs: Our Unique Story, Growing A Different Cannabis Company
Four years ago, as the Canadian cannabis industry ramped up with the growth and domination of vertically integrated cultivators, MediPharm Labs’ co-founders, Pat McCutcheon and Keith Strachan, saw an opportunity to be different. They identified a segment of the cannabis value chain they could focus on to establish a profitable business by specializing in the higher growth area of extraction and pioneering a special niche. They set a precedent with Health Canada’s application process, being the first to ever apply for a cannabis oil production license without first having a cultivation license.
While waiting for the final stages of licensing to be completed during a rigorous two-year process, the two entrepreneurs staffed the facility, developed internal protocols, modified equipment, formed partnerships, amassed dried cannabis inventory and produced extracted resin proving their readiness to deliver their first sales upon receiving their B2B sales license on November 9, 2018. They strived to maintain their independence, accepting no equity ownership from other licensed producers, assuring their ability to work with everyone in the industry as a trusted, autonomous supplier. With cannabis licence #95 from Health Canada in hand, MediPharm Labs quickly vaulted to rank among the top 5 cannabis-revenue-generators in Canada.
To keep pace with change in the industry, Pat and Keith, through their leadership, created a culture of innovation. They invested in a highly skilled team of professionals, many from the bio-pharmaceutical Industry. They also aligned with outside consultants and suppliers to optimize operations, equipment and methodologies and established a Science Advisory Committee with internationally esteemed scientists, researchers and medical professionals, who collaborate with MediPharm Labs on advancements in the emerging fields of cannabinoid extraction and cannabinoid-based derivative science.
Looking forward, MediPharm Labs has invested in R&D and strategic alliances to achieve its longer-term goal of becoming Active Pharmaceutical Ingredient provider for cannabis medicines upon completion of clinical research trials. MediPharm Labs has set its sights on new jurisdictions that have already approved medical cannabis use, actively seeking import/export opportunities, while also building their Australian subsidiary facility expected to be operational in early 2020.
MediPharm Labs was previously awarded Start-Up of the Year 2018 at the Canadian Cannabis Awards and its Australian subsidiary was the Innovation Award winner of the Australian Cannabis Industry Awards in 2019.
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