MediPharm Labs Reports 27% Annual Revenue Growth

LOS ANGELES- MediPharm Labs Corp., a pharmaceutical company specializing in precision-based cannabinoids, has announced a 27% increase in annual net revenue for 2024, reaching $42 million. This growth is primarily attributed to a significant rise in international medical cannabis sales, which surged by 83% to $17.7 million. ​

In the fourth quarter of 2024, the company reported revenue of $12 million, marking a 32% increase compared to the same period in the previous year. International revenue accounted for 54% of this total, highlighting MediPharm’s expanding global footprint. ​

MediPharm’s strategic focus on international markets has been instrumental in its financial performance. The company has successfully penetrated markets in Germany and Australia, launching new products and forming global partnerships. Additionally, MediPharm achieved Pharmaceutical Good Manufacturing Practice (GMP) certification from the Brazilian Health Regulatory Agency (ANVISA), positioning it among a select group of North American companies with multiple international certifications. ​

Operational efficiencies have also contributed to improved profitability. The consolidation of key operations to the Barrie facility resulted in annualized savings exceeding $1 million. Furthermore, the company announced the planned sale of its Hope facility for $4.5 million, expected to close in the second quarter of 2025. ​

Greg Hunter, Chief Financial Officer of MediPharm Labs, stated, “2024 was a transformational year for MediPharm Labs with $42M in net revenue representing a 27% increase versus 2023. Gross margins expanded significantly to 31% versus 18% in 2023 and Adjusted EBITDA loss improved from $10M in 2023 to $1.9M in 2024. We are very close to being Adjusted EBITDA positive with Q4 2024 Adjusted EBITDA loss of $0.1M.”