MediPharm Labs Corp. (TSXV: LABS) (OTCQB: MEDIF) is a global leader in the cannabis extraction space. The company focuses on specialized and research-driven extraction, distillation, purification, and isolation. The cannabis extraction company’s Canadian-listed shares are gaining 10%, through afternoon trading on Tuesday, April 16, 2019. Over the past three months, MediPharm Labs has seen average daily volume of 858,047 shares. However, volume of 2.76 million shares or dollar volume of C$17.17 million, has already exchanged hands through afternoon trading on Tuesday.
Shares of MediPharm Labs are rallying on Tuesday, after the company announced that it has received confirmation from the Depository Trust Company (DTC) of the company’s eligibility for its common shares within the United States. The DTC eligibility process streamlines trading and transferring a company’s common shares between brokerages within the United States. The announcement now gives U.S. investors greater ease of access to MediPharm Labs common stock here in the United States. Here is the full press release detailing of the DTC eligibility:
MediPharm Labs Corp. Press Release:
TORONTO, April 16, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSXV: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation, purification and cannabinoid isolation, is pleased to announce it has received Depository Trust Company (DTC) eligibility for its common shares in the United States. “DTC eligibility” simplifies the process of trading and transferring the Company’s common shares between brokerages in the U.S.
“We are pleased that MediPharm Labs common shares are now considered to be “DTC Eligible”, to facilitate the trading of our common shares in the U.S. markets”, said Patrick McCutcheon, Chief Executive Officer, MediPharm Labs. “We will continue to pursue opportunities that enhance our value, liquidity and strengthen our shareholder base while improving accessibility for all U.S. investors and institutions, as well as global investors, to participate in the future growth of MediPharm Labs”.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that facilitates electronic trading in the United States. Securities that are considered “DTC eligible”, may be electronically cleared and settled through DTC. MediPharm Labs common shares are now eligible to be distributed, settled and serviced through DTC’s automated processes, providing greater efficiency and reduced costs as a result of the electronic method of clearing securities and accelerated settlement processes. Securities that are DTC eligible often experience increased trading volumes. In addition, DTC eligibility addresses the issue that many U.S. firms have that prohibit trading in shares that are not DTC eligible.
About MediPharm Labs Corp.
Founded in 2015, MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm Labs to produce purified, pharmaceutical-like cannabis oil and concentrates for advanced derivative products. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream extraction methodologies and purpose-built facilities to deliver pure, safe and precisely-dosed cannabis products to patients and consumers. MediPharm Labs’ private label program is a high margin business for the Company, whereby it opportunistically procures dry cannabis flower and trim from its numerous product supply partners, to produce proprietary cannabis oil concentrate products for resale globally on a private label basis.
Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm Labs has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, GMP certification, the establishment of operations in Australia, and statements regarding benefits of DTC eligibility, including liquidity and accessibility. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals: and other factors discussed in the Company’s filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.