MediPharm Labs Achieves Debt-Free Status with $2.1M Repayment

0.6 min readPublished On: September 17th, 2024By HCN News Team

LOS ANGELES- MediPharm Labs Corp., a pharmaceutical company specializing in cannabis-based health products, has announced the repayment of its remaining $2.1 million convertible debt, making the company materially debt-free. With over $13 million in cash reserves and full ownership of three facilities, MediPharm now holds a strong financial position.

The company reported an adjusted EBITDA loss of $0.1 million for the second quarter of 2024, reflecting near breakeven performance. This, combined with the recent debt repayment, provides MediPharm with the confidence to invest in future growth initiatives.

CEO David Pidduck highlighted the significance of the company’s financial milestone, emphasizing the strengthened balance sheet and focus on strategic growth. MediPharm remains committed to its goal of delivering high-quality cannabis-based health products while continuing to generate long-term shareholder value.

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The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.