MediPharm Labs Corp. provided an update on German cannabis legalization. Germany's upper house, the Bundesrat (made up of federal state delegates), passed legislation to partially legalize cannabis starting April 1, 2024.

The new law will allow adults to cultivate, possess and store cannabis for their personal consumption. The law also removes medical cannabis from Germany's narcotic list, a change that is expected to remove barriers to patient access. This historic change is a significant positive step in removing the stigma related to medical cannabis.

The removal of cannabis from narcotic status will open the opportunity for more physicians, pharmacies, and patients to participate in the current German medical cannabis market. MediPharm sees this having a positive impact on its already robust German business. Summary of MediPharm Labs Business Operations in Germany: Beacon Medical is a wholly owned subsidiary of MediPharm Labs.

The recent launch of D9 THC isolate supply business (a monographed pharmaceutical commonly referred to as Dronabinol) has expanded 2024 sales, unlocking new distribution channels in Germany. All of these German medical cannabis activities are supported by the Company's manufacturing sites in Barrie and Napanee, Ontario, which each maintain GMP licensing permitting export to Germany and other international jurisdictions.