- MediPharm Labs ( OTCQX:MEDIF ) entered into a share purchase agreement with OneLife Botanicals for the sale of MediPharm Labs Australia, a wholly-owned subsidiary of the company, for a minimum value of AUD$6.9M.
- The agreement is subject to routine conditions and is anticipated to close within 90 days.
- David Pidduck, CEO commented, "This sale represents a major milestone for MediPharm Labs as it continues to focus on rightsizing the business to achieve profitability. As we look to maintain our strong cash balance, this transaction paired with corporate restructuring completed in June 2022 should allow us to reduce our quarterly burn rate as we improve sales.
- OneLife Botanicals CEO Andrew Grant said, "This purchase aligns and expedites the strategic aim of our organization to produce high quality medicinal cannabis products by integrating manufacturing into the end-to-end supply chain. The integration of a fully operational facility brings forward our objectives to take our products and brand to the market.
For further details see:
MediPharm Labs enters $6.2M for the sale of Australian facility