MediPharm Labs Corp. (OTCMKTS:MEDIF) stock has been on fire over the past six weeks amid several headlines by the company. MEDIF stock has jumped over 100% since March 2019. MediPharm’s stock is up another 5% in early trading session after hitting a new 52-week high of $4.99..
This morning, MediPharm reported solid revenue growth in its fiscal first quarter. The company’s revenue soared 115% year over year to $22 million. Moreover, gross margin was stood at 31%.
Adjusted EBITDA increased by 102% to $4.3 million, over Q4 2018, Adjusted EBITDA. Acquired more than 5,000 kg of dried cannabis in the last two weeks of Q1 from multiple Licensed Producers to fulfill robust demand for private label offerings.
Last week, MediPharm Labs begun trading under the symbol MEDIF after upgrading from OTCQB Venture Market to OTCQX Best Market. Additionally, The company also announced that it has received Depository Trust company eligibility for its common stock in the US.
DTC eligibility simplifies the trading and transferring of common stock between brokerages in the United States. Patrick McCutcheon the CEO of MediPharm Labs stated that the company was delighted to receive DTC eligibility which will facilitate the trading of the company’s common stock in the markets. He added that they are also pursuing other opportunities to strengthen and enhance the company’s liquidity and value for stockholders while increasing accessibility for investors and institution in the US.
MediPharm Labs common stock will be settled and distributed through the automated DTC processes which give greater efficiency at reduced costs because of the use of electronic clearing and accelerated settlement of securities.
Change Of Ticker Symbol
The company indicated t5hat FINRA had approved the change of their stock trading symbol from “MLCPF” to “MEDIF” on OTCQB Markets. McCutcheon stated that as a fully licensed producer, MediPharm has scaled its operations to become a dominant market Leader in the processing of cannabis and manufacture of high-quality cannabis pharmaceutical products. he added that the company has embarked on an ambitious plan to boost its international and local growth as they strive to become a market leader.
The upgrading from the OTCQB Market to the OTCQX Market is one of the steps the company is taking to attain accelerated growth and it also shows the commitment of the company to transparency and improving liquidity. It is also a way of enhancing MediPharm’s exposure and access to investors to be part of the success of the company.
Jason Paltrowitz the OTC Markets Group Executive Vice President of Corporate Services indicated that MediPharm Labs was among a number of leading companies and innovators in their industry that have joined OTCQX Best Market. He added that OTCQX enables companies to provide investors with a transparent public market to research and trade their shares.
Considering the recent rally in the stock, it would be interesting to see where the stock will go from here on.