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(CNW) Toronto – MediPharm Labs Corp., a specialized, research-driven pharmaceutical company focused on cannabis-based health products, is pleased to announce that it has paid off the entire remaining convertible debt amount of $2.1 million, leaving the company materially debt-free.
With this debt repayment, MediPharm now enjoys a robust financial position with more than $13 million in cash and full ownership of three facilities. This achievement reflects the company’s prudent financial management and commitment to maintaining a strong balance sheet.
MediPharm reported an adjusted EBITDA loss of $0.1M in Q2 2024 (for the three months ending June 30, 2024), demonstrating near breakeven performance. The company’s financial performance combined with the recent debt repayment, gives management high confidence in the company’s ability to invest in its operations and continue to drive long term growth.
“Becoming materially debt-free is a significant milestone for MediPharm Labs,” said David Pidduck, CEO of MediPharm Labs. “Our strong cash position and near breakeven adjusted EBITDA reflect our disciplined approach to financial management. We are well-positioned to focus on the future and leverage our resources to pursue strategic growth initiatives.”
MediPharm Labs remains committed to its mission of providing high-quality, cannabis-based health and pharmaceutical products and delivering value to its shareholders.
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