MediPharm Labs Corp. reported net revenue of $10.8 million, gross profit of nearly $4.2 million, and a net loss of $387,000 in the three months ending March 31, 2025 (Q1 2025).

The Ontario-based cannabis producer’s net revenue increased 10.6% from the same reporting period in the previous year (Q1 2024), while gross profits increased 57.8% and net losses decreased by 744.7% from a $3.7 million loss in Q1 2024.

The company incurred $723,000 in excise taxes from $11.5 million in revenue in the first three months of 2025. The company also reports 87% year-over-year growth in international medical cannabis sales revenue.

In the previous quarter (Q4 2024), MediPharm reported net revenue of $12 million, gross profit of $3.6 million, and a net loss of $1.7 million.

Of the $10.8 million in sales, $4.9 million were in the Canadian market, while $2.2 million were in the Australian market, $3.6 million were in the German market, and $190,000 in sales were in other markets. 

Canadian sales decreased by 25.8% from Q1 2024, while International sales increased by 87% across multiple product groups and geographies, including Germany, Australia and the United Kingdom. The company’s international medical business represented 55% of total revenue in Q1 2025 versus 33% in the prior year.

MediPharm’s international medical business represented 55% of total revenue in Q1 2025 compared with 33% in Q1 2024. 

In January 2025, the company announced a commercial agreement with Laboratório Teuto, a leading pharmaceutical manufacturer and marketer in Brazil.

MediPharm has two wholly-owned subsidiaries, Canna Farms and ABcann. MediPharm completed its medical sales and distribution move from its Hope, BC, facility, the former Canna Farm facility, to Barrie, ON, in 2024, resulting in cost savings. The company is in talks to sell the facility to BC-based Rubicon Organics, which it expects to be completed in Q2 2025.  

In 2023, MediPharm acquired VIVO Cannabis Inc., expanding MediPharm’s reach to medical patients in Canada through the Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical PTY and Beacon Medical GMBH. 

This acquisition also included Harvest Medical Clinics in Canada, which provides medical cannabis patients with physician consultations for medical cannabis education and prescriptions. 

The Canadian company has also sold products into 10 international markets and has significant business in Australia, Germany, and Brazil. 

“Over the past three years, we’ve demonstrated consistent revenue growth, and implemented strategic cost reductions and expanded margins—all of which have contributed to this important positive Adjusted EBITDA achievement,” said Greg Hunter, CFO, MediPharm Labs. “As we move forward, management remains focused and relentless in driving further revenue growth and continuing to streamline expenses to enhance our profitability profile and strengthen our financial position.”

MediPharm recently responded to a dissident proxy circular filed on May 7, 2025, by Apollo Technology Capital Corporation, outlining Apollo’s intention to nominate six individuals for election to MediPharm’s board of directors at MediPharm’s upcoming annual and special meeting of shareholders, scheduled for June 16, 2025.

In a letter to shareholders, Apollo alleged that the move is needed to hold MediPharm‘s Board accountable “for overseeing years of underperformance, failed operational strategies, outrageous compensation packages, and a lack of transparency, among many other failures.”

MediPharm urged shareholders to take no action at this time, while Apollo asked that company shareholders submit a proxy as the company has yet to issue a formal notice of the Annual Meeting and its management information circular.

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