MediPharm Labs announced the closing of the sale of its Hope, British Columbia facility to Rubicon Organics, as well as the expansion of the annual international cultivation capacity at its EU GMP-certified facility in Napanee, Ontario.
"This marks a significant milestone for MediPharm," said David Pidduck, CEO of MediPharm. "We are optimizing our footprint by reducing expenses and monetizing dormant, non-core assets, while simultaneously expanding where we see the greatest potential for immediate impact on our international growth. This sale also significantly improves our cash position and provides us with additional financial flexibility to pursue our strategic growth objectives."
The Hope Facility was acquired as part of the successful VIVO Cannabis Inc. acquisition in 2023, and the Company ceased all Hope Facility commercial activities in 2024, consolidating key operations at its other facilities.
MediPharm has executed divestiture of non-core assets alongside rigorous cost-saving initiatives to enhance efficiency and sharpen its operational and commercial focus. MediPharm has reduced operating expenses by over $40 million on an annualized basis in the past several years, compared to the combined MediPharm and VIVO Cannabis operations in the first quarter of 2022.
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MediPharm Labs
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