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MediPharm Labs Completes Sale of Vacant Land for Cash Proceeds of $1.9 million
MediPharm Labs Completes Sale of Vacant Land for Cash Proceeds of $1.9 million Canada N...
About this update from Medipharm Labs Corp.
[{"type":"text","content":"\n \n \n \n MediPharm Labs Completes Sale of Vacant Land for Cash Proceeds of $1.9 million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MediPharm Labs sold vacant land in\n \n Napanee, Ontario\n \n last utilized in 2021 for outdoor cannabis growing activities. The land was acquired by MediPharm as part of the VIVO Cannabis acquisition in\n \n April 2023\n \n .\n \n \n The net cash proceeds of\n \n $1.9 million\n \n adds non-dilutive capital to MediPharm's strong balance sheet.\n \n \n The\n \n $1.9 million\n \n cash is in addition to\n \n $7 million\n \n annualized synergies already executed since the closing of the VIVO Cannabis acquisition in\n \n April 2023\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 5, 2023\n \n \n /CNW/ - 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\n \n $1.9 million dollars\n \n .\n \n \n \n \n \n \n \n \n \n On\n \n August 30, 2023\n \n , MediPharm completed the sale of 291 Kimmett's Side Road,\n \n Napanee, Ontario\n \n , for net proceeds of\n \n $1.9 million\n \n . This land was previously used by VIVO Cannabis for outdoor cannabis growing. The land has not been utilized since 2021.\n \n \n 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\n \n $7 million\n \n in annualized savings as it progresses towards a synergy target of\n \n $7\n \n -9 million on an annual basis.\n \n \n \n About MediPharm Labs\n \n \n \n Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms...