(CNW) Toronto — MediPharm Labs Corp. 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.