Medipharm Labs achieves milestone toward $4.5M cash sale of Hope Facility

MediPharm Labs (MEDIF) announced the removal of all conditions precedent, related to its previously-announced agreement for the sale of MediPharm’s facility in Hope, BC, to Rubicon Organics (ROMJF) for $4.5M in cash. With these conditions now met, the $4.5M sale of the Hope Facility remains on track to close in June 2025. The Transaction will bolster MediPharm’s already strong cash position and virtually debt-free financial status. The Hope Facility was acquired as part of the successful VIVO Cannabis acquisition in 2023, and the Company ceased all Hope Facility commercial activities in 2024, consolidating key operations at its other facilities. The consolidation of operations was all part of MediPharm’s ongoing strategy to reduce operating and overhead costs and monetize redundant assets. The aggregate value of the Company’s asset sales since 2022, including the Hope Facility, total approximately $14M, all of which has contributed to reducing costs and boosting the Company’s balance sheet. Since the second quarter of 2022, when implementation of this strategy began, to the first quarter of 2025, MediPharm has reduced operating and overhead costs by approximately $42M on an annualized basis.