An anonymous director reports

MEDIPHARM LABS PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED SALE OF NAPANEE FACILITY TO KENSANA HEALTH

Medipharm Labs Corp. has provided an update with respect to the previously announced sale of its facility in Napanee, Ont., to be completed pursuant to the terms of a share purchase agreement entered into with Kensana Health Inc. through a disposition of all of the company's indirect equity interests in its wholly owned subsidiary ABcann Medicinals Inc. to Kensana Health for $5.5-million in cash.

Medipharm Labs and Kensana Health continue to advance toward closing of the transaction and have agreed to extend the outside date for closing as provided in the purchase agreement to Jan. 31, 2025. Completion of the transaction remains subject to customary closing conditions and receipt of all necessary approvals, as applicable. Operations continue at the Napanee facility without disruption. For further details regarding the transaction, please see the company's press release dated Dec. 17, 2024.

About Medipharm Labs Corp.

Founded in 2015, Medipharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients and advanced derivative products utilizing a good manufacturing practice 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 licence from Health Canada, becoming the only company in North America to hold a commercial-scale domestic good manufacturing practices licence for the extraction of multiple natural cannabinoids. This GMP licence was the first step in the company's current foreign drug manufacturing site registration with the U.S. Food and Drug Administration.

In 2023, Medipharm Labs acquired Vivo Cannabis Inc., which expanded Medipharm Labs' reach to medical patients in Canada through the Canna Farms medical e-commerce platform, and in Australia and Germany through Beacon Medical Australia Pty. Ltd. and Beacon Medical Germany GmbH. This acquisition also included Harvest Medical Clinics in Canada, which provides medical cannabis patients with physician consultations for medical cannabis education and prescriptions.

The company carries out its operations in compliance with all applicable laws in the countries in which it operates.

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