MediPharm Labs Says "Welcomes" Implementation of U.S. Final Order Cannabis Rescheduling
MediPharm Labs (LABS.TO) "welcomes" the implementation of the U.S. final order rescheduling certain cannabis products from Schedule I to Schedule III of the Controlled Substances Act, it said Monday.The order, which took effect April 22, recognizes the medical use of cannabis and is anticipated to materially reduce barriers to U.S. clinical research and pharmaceutical development, the company noted."The order is expected to accelerate U.S. research by enabling access to standardized medical-grade cannabis from registered suppliers," said the company in a statement. "For MediPharm Labs, this could mean an expanded pipeline of U.S. researchers and pharmaceutical companies advancing clinical trials and evaluating compliant active pharmaceutical ingredient ("API") suppliers."The order also "creates a clearer regulatory pathway" for FDA-approved drug products containing cannabis, which is directly aligned with MediPharm Labs pharmaceutical manufacturing strategy, it said.Shares of the company were last seen up $0.01 to $0.07 on the Toronto Stock Exchange.Price: $0.08, Change: $+0.01, Percent Change: +15.38%
