Specialist cannabis pharmaceutical manufacturer MediPharm has reported a 9% drop in revenue from the previous quarter to $5.5 million for Q1 2021, in a period that saw a reduction in Canadian domestic revenue. Despite this the company maintains a positive outlook through a stronger mix of international revenue and growth opportunities. During the period, the business achieved several key milestones in its ongoing process to establish itself as an international pharmaceutical company, specializing in cannabis.
Founded in 2015, MediPharm 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.
Through its wholesale and white label platforms, MediPharm formulates, develops, processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets.
“We commenced 2021 focused on establishing our presence as a pharmaceutical company while ramping up and significantly growing our international sales,” said Keith Strachan, President and Interim CEO, MediPharm.
“We achieved several important milestones including initial sales of GMP-certified medical cannabis products in Germany under our long-term partnership agreement with STADA Arzneimittel AG, a market leader in consumer healthcare and generics, and our first medical cannabis exports to Peru. Demand signals for our MediPharm cannabis oils were strong across all distribution channels in Canada. We made strong progress actively managing our cost structure which led to a 30% expense reduction, and we remain focused on returning to profitability.”