An anonymous director reports

MEDIPHARM LABS COMPLETES SALE OF VACANT LAND FOR CASH PROCEEDS OF $1.9 MILLION

Medipharm Labs Corp. has completed the sale of vacant land for net proceeds of $1.9-million.

On August 30, 2023, MediPharm completed the sale of 291 Kimmett's Side Road, Napanee, Ontario, for net proceeds of $1.9 million. This land was previously used by VIVO Cannabis for outdoor cannabis growing. The land has not been utilized since 2021.

This sale of surplus land adds non-dilutive capital to the Company and is one of the many benefits of the successful VIVO transaction. Since closing the transaction, the Company has already executed approximately $7 million in annualized savings as it progresses towards a synergy target of $7-9 million on an annual basis.

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) 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 for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.

In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial scale domestic Good Manufacturing License for the extraction of multiple natural cannabinoids. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.

In 2023, MediPharm acquired VIVO Cannabis Inc. which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions.

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