MediPharm Labs completes sale of Australian facility
by CM Staff
OneLife Botanicals is an emerging company in the Australia region for cannabis-based wellness and medical products, with plans to launch OTC CBD products across Australia.
BARRIE — MediPharm Labs Corp. a pharmaceutical company specialized in precision-based cannabinoids, completed the sale of MediPharm Labs Australia Pty, a fully owned subsidiary of the Company, for a value of $7.25M AUD ($6.3M CAD). The sale was completed with OneLife Botanicals PTY effective October 6, 2022.
The sale includes the assets of MediPharm Labs Australia, specialized licensing, operational knowledge, and Australian and New Zealand customers currently served from that facility. All international contracts outside of Australia and New Zealand will remain with MediPharm Labs Corp. and be serviced from the MediPharm Labs Barrie GMP facility.
After an extensive sale process, the Agreement with OneLife Botanicals was identified as a strategic fit for both parties. OneLife Botanicals is an emerging company in the Australia region for cannabis-based wellness and medical products, with plans to launch OTC CBD products across Australia. Purchasing the MediPharm Labs Australia facility expediates OneLife Botanicals’ timing to commercialization.
“The sale of the MediPharm Labs Australia assets improves the Company’s cash position while also reducing our cash burn. This additional non-dilutive capital allows us to continue our initiative to right-size our company and become profitable through organic and inorganic growth,” said David Pidduck, CEO of MediPharm Labs.
“I want to personally thank our Australian team for their dedication and professionalism through the closing of this sale. I wish them and OneLife Botanicals much success in their future business pursuits,” he continued.
