MediPharm Labs Responds to Misinformation from Shareholder
TORONTO – MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a leader in pharmaceutical-grade cannabinoid products, has stepped forward to address recent misleading claims made by Apollo Technology Capital Corporation. It appears Apollo has orchestrated a smear campaign filled with fabricated allegations aimed at distracting shareholders and seizing control over MediPharm’s Board of Directors.
Setting the Record Straight
The claims put forth by Apollo lack any basis in truth. MediPharm Labs maintains a strong commitment to transparency and integrity, evidenced by its recent completion of a thorough year-end audit conducted by MNP LLP. The results were favorable, with a clean audit opinion dated March 30, a tradition the company has upheld since its public listing. Unlike quarterly reports, which do not require audits by public companies, MediPharm adheres to all financial standards and obligations under Canadian securities law.
Legal Action Initiated
In light of these detrimental accusations, MediPharm has initiated legal proceedings to address the material misrepresentations propagated by Apollo. The company is confident in its stance and is pursuing court action to rectify the misinformation, seeking to have the associated litigation costs awarded.
About MediPharm Labs
MediPharm Labs has made significant strides in the cannabinoid industry since its inception in 2015. The company is recognized for its meticulous approach to developing and manufacturing purified, pharmaceutical-quality cannabis concentrates and advanced derivative products. Utilizing a Good Manufacturing Practices certified facility along with state-of-the-art technology, MediPharm is committed to crafting high-quality products that provide safe and effective cannabinoid solutions to medical patients.
Significant Achievements
In 2021, MediPharm made history by obtaining a Pharmaceutical Drug Establishment License from Health Canada, becoming the first company in North America to hold a commercial-scale domestic GMP License for the extraction of natural cannabinoids. This pioneering step is part of the company’s ongoing efforts to establish a foreign drug manufacturing site registered with the US FDA.
Expanding Global Reach
The acquisition of VIVO Cannabis Inc. in 2023 marked a major expansion for MediPharm Labs, broadening access to medical patients in Canada and establishing a presence in Australia and Germany through its affiliates. The acquisition has also integrated Harvest Medical Clinics, which offers expert consultations and education for medical cannabis patients.
Shareholder Support and Communication
MediPharm believes in maintaining open lines of communication with its shareholders. Should any concerns arise regarding proxy forms or voting instruction, shareholders are encouraged to reach out to Sodali & Co. for assistance. Their dedicated team is available to ensure shareholders are fully supported through the voting process.
Contact details are as follows:
- North American Toll-Free Number: 1.888.777.2059
- Outside North America: 1.289.695.3075
- Email: assistance@investor.sodali.com
- Fax: 1.877.218.5372
Investor and Media Contacts
For any investment inquiries, please contact:
MediPharm Labs Investor Relations
Telephone: +1 416.913.7425
Email: investors@medipharmlabs.com
For media inquiries, please contact John Vincic at Oakstrom Advisors: +1 (647) 402-6375 or at john@oakstrom.com
Frequently Asked Questions
What allegations is MediPharm Labs addressing?
MediPharm Labs is responding to false claims made by Apollo Technology Capital regarding the company's management practices.
Why is MediPharm taking legal action?
The company is pursuing legal action to counter material misstatements made by Apollo and to recover litigation costs.
What regulatory compliance does MediPharm have?
MediPharm complies with International Financial Reporting Standards and Canadian securities law requirements.
What is MediPharm's main area of expertise?
The company specializes in creating pharmaceutical-grade cannabis concentrates and advanced cannabinoid-based products.
How can shareholders get assistance regarding voting?
Shareholders can contact Sodali & Co. for any inquiries related to proxy forms or voting assistance.
