Canadian CBD-Focused Pharma Co. Gets Green Light To Produce Medical Marijuana In Brazil
Portfolio Pulse from Jelena Martinovic
MediPharm Labs Corp. has received GMP certification from ANVISA for its facility in Barrie, Ontario, enabling it to produce medical cannabis products for the Brazilian market. This adds to its existing certifications from the FDA, EU, Australia's TGA, and Health Canada. The Brazilian medical cannabis market is expected to reach $281.2 million by 2025. MediPharm has two products with full ANVISA authorization and is reviewing additional products. It also has a supply agreement with a Brazilian pharmaceutical company and a partnership with a Rio distributor. MediPharm's shares rose 2.6923% to $0.0534 after the announcement.
February 07, 2024 | 4:05 pm
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MediPharm Labs Corp. received GMP certification from ANVISA, Brazil, enabling expansion into the Brazilian medical cannabis market. The company's stock rose 2.6923% to $0.0534 following the announcement.
The GMP certification from ANVISA allows MediPharm Labs to produce and supply medical cannabis products in Brazil, a market projected to reach $281.2 million by 2025. This regulatory milestone, coupled with existing international certifications, positions the company for growth in the global medical cannabis sector. The immediate positive reaction in stock price reflects investor optimism about the company's expanded market access and potential revenue growth.
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