MediPharm Labs Corp. (TSX:LABS) (OTCQB:MEDIF) (FSE: MLZ) has received a GMP certification for its Barrie, Ontario facility from ANVISA, the governing body of Brazil's pharmaceutical industry.
This is MediPharm's latest approval, following GMP certifications from the FDA, European Union and Australia's TGA, MediPharm also holds a drug establishment license from Health Canada.
The Toronto-based company is now positioned to produce both API and end products for Brazilian medical cannabis patients.
According to a 2023 report by industry observer Kaya Mind, the Brazilian medical cannabis market is projected to reach CA$380 million ($281.2 million) in 2025.
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"This GMP certification from Brazil strengthens MediPharm's position as one of the most pharmaceutically focused medical cannabis companies in the world," said David Pidduck, MediPharm Labs CEO. Whether it is the production of cannabis-based drug research, international cannabis medical programs or future marketable cannabis drugs, MediPharm has invested in and executed the development of global pharmaceutical and medical channels.
MediPharm Labs currently manufactures two medical cannabis products with full ANVISA product authorization under Brazil's Resolution 327/19. Additional product authorizations are currently under review with ANVISA. In addition to existing Brazilian customers, the company entered into a supply agreement with a top-tier generic pharmaceutical company in Brazil in July 2023.
In September 2020, MediPharm Labs confirmed a partnership with a Rio de Janeiro-based distributor. Under that deal, MedPharm Labs provides a wide range of cannabis concentrate formats for formulated products later distributed by XLR8 BRAZIL.
Now read: MediPharm Labs Still Hits C$8.5M Despite Sequential Drop, More On That In Q3 2023 Financial Report
MEDIF Price Action
MediPharm's shares traded 2.6923% higher at $0.0534 per share after the market close on Tuesday.
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