Keith Strachan (l) and Pat McCutcheon (r), co-founders of MediPharm Labs, stand outside a high security vault at their facility in Barrie, Ont. with cannabis distillate valued at more than $10 million. The purified cannabis concentrates produced at MediPharm Labs’ pharmaceutical-like facility are the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

Keith Strachan (l) and Pat McCutcheon (r), co-founders of MediPharm Labs, stand outside a high security vault at their facility in Barrie, Ont. with cannabis distillate valued at more than $10 million. The purified cannabis concentrates produced at MediPharm Labs’ pharmaceutical-like facility are the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

This amber-coloured purified distillate can be worth more than the value of gold. Pat McCutcheon, CEO (l) & Keith Strachan, President (r) are the co-founders of MediPharm Labs, Canada’s leading producer of purified cannabis concentrates, the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

This amber-coloured purified distillate can be worth more than the value of gold. Pat McCutcheon, CEO (l) & Keith Strachan, President (r) are the co-founders of MediPharm Labs, Canada’s leading producer of purified cannabis concentrates, the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- WHAT:

Liquid Gold Distillate: The New Cannabis Currency – This amber-coloured purified distillate can be worth more than the value of gold. Pat McCutcheon, CEO (l) & Keith Strachan, President (r) are the co-founders of MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), Canada’s leading producer of purified cannabis concentrates, the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

WHERE: The Boardroom, MediPharm Labs Corp., 151 John St., Barrie, Ontario, Canada

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f962501-afd5-4782-95a1-700d89179ae6

WHAT:

Liquid Gold Distillate: The New Cannabis Currency – Keith Strachan (l) and Pat McCutcheon (r), co-founders of MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), stand outside a high security vault at their facility in Barrie, Ont. with cannabis distillate valued at more than $10 million. The purified cannabis concentrates produced at MediPharm Labs’ pharmaceutical-like facility are the key active ingredients needed for a wide variety of new cannabis-derived products, including edibles, beverages, topical creams, vape pens and tinctures that become legal in Canada beginning Oct. 17, 2019. Canada is the first G7 country to fully legalize recreational cannabis use. (photo credit MediPharm Labs)

WHERE: The Vault, MediPharm Labs Corp., 151 John St., Barrie, Ontario, Canada

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18bcf5dd-a4b3-488f-8aa1-ec46d93c0a23

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices designed facility and ISO standard built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines having 300,000 kg of annual processing capacity to deliver pure, safe and precisely dosed cannabis products for its customers. Through its wholesale, white label and tolling platforms, they formulate, process, package and distribute cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, the Company also completed commercial exports to Australia and is nearing completion of its Australian extraction facility expected in 2019 with 75,000 kg of annual processing capacity.

For further information, please contact:

MediPharm Labs

Laura Lepore, VP, Investor Relations

Telephone: 705-719-7425 ext 216

Email: investors@medipharmlabs.com

Website: www.medipharmlabs.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the legality of new cannabis-derived products and timing thereof, the completion of the Australian facility and the processing capacity of the Australian facility. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.