MediPharm Labs Completes Sale of Vacant Land for Cash Proceeds of $1.9 million
TORONTO – MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, is pleased to announce it has completed the sale of vacant land for net proceeds of $1.9 million dollars. On August 30, 2023, MediPharm completed the sale of 291 Kimmett’s Side Road, Napanee, Ontario, for net proceeds of $1.9 million. This land was previously used by VIVO Cannabis for outdoor cannabis growing. The land has not been utilized since 2021. This sale of surplus land adds non-dilutive capital to the Company and is one of the many benefits of the successful VIVO transaction. Since closing the transaction, the Company has already executed approximately $7 million in annualized savings as it progresses towards a synergy target of $7-9 million on an annual basis. About MediPharm Labs Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceuti...