MediPharm Labs Corp. reported net revenue of $12 million for the three months ended December 31, 2024 (Q4 2024), gross profit of $3.6 million, and a net loss of $1.7 million.
Net revenue was up 22.9% from the previous quarter and 31.9% year-over-year, which the company says was largely driven by the international business with cannabis flower and dronabinol, a synthetic form of THC.
Net revenue was up for fiscal year 2024 ($42 million), as well, increasing 27% from $33 million in fiscal 2023, which the company says was driven by “significant growth” in the international flower market, international vapes, dronabinol business, the Canadian B2B business, and by the integration of VIVO.
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.
MediPharm has sold products into 10 international markets and has significant business in Australia, Germany, and Brazil. The company also recently launched Canadian-produced GMP Beacon Medical Brand cannabis oil and inhalation cartridges in the Australian medical market.
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.
MediPharm cultivates and processes cannabis to sell as dried flower, pre-roll and other cannabis products for the adult use, medical, and international markets. The company also provides GMP flower sourcing, packaging, and distribution services for select international clients.
“We are pleased with our progress towards profitability in 2024, driven by 80% growth in our international revenues,” says David Pidduck, CEO, MediPharm Labs. “International represented over 50% of our Q4 revenues, capitalizing on our EU-GMP licensed facilities. We are well positioned for long-term international success and continue to onboard new customers and distribution partners to meet the growing global demand for premium cannabinoid products.”
