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[PRESS RELEASE] – TORONTO, May 22, 2025 – MediPharm Labs Corp., a pharmaceutical company specialized in precision-based cannabinoids, announced the removal of all conditions precedent, related to its previously announced agreement for the sale of MediPharm’s 47,000-square-foot facility in Hope, British Columbia, to Rubicon Organics Inc. for $4.5 million in cash.
With these conditions now met, the $4.5 million 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 $4.5 million in cash proceeds from divesting noncore assets supports our roadmap to deliver long-term value for shareholders and partners, enabling continued focus on accelerating international growth and exploration of key acquisition opportunities,” MediPharm CEO David Pidduck said.
For Rubicon Organics, this milestone clears the path for the company to significantly expand its premium production capacity and support its growth strategy.
“Our acquisition of the Hope Facility marks a pivotal step forward for Rubicon Organics,” CEO Margaret Brodie said. “The Hope Facility enhances our ability to meet growing demand for our premium brands, accelerate innovation, and drive long-term value for shareholders.”
MediPharm previously acquired the Hope Facility as part of the successful VIVO Cannabis Inc. 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 $14 million, 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 $42 million on an annualized basis.
