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MediPharm Labs Reports Fourth Quarter and Full Year 2019 Results




• 2019 Revenue $129 Million, Adjusted EBITDA1 $25 Million
• Q4 2019 Revenue $32 Million, Adjusted EBITDA1 $3 Million
• Year-end Cash and Equivalents of $39 million
BARRIE, Ontario, March 30, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products today announced its financial results for the three and twelve months ended December 31, 2019 and reaffirmed its strategic priority to build a multi-jurisdictional, GMP-certified pharmaceutical-grade platform to serve the world’s most attractive emerging cannabis medical markets.“2019 was a transformational year for MediPharm Labs. We were one of only a very few cannabis companies to successfully execute on its strategy and be profitable,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “We established ourselves as a high-quality extract Company, earning our first GMP certification, positioning ourselves to become a global supplier of pharma-quality products as future brands, larger consumer packaged goods companies and pharmaceutical companies begin to enter the market.”“We move forward with a strengthened market leadership position and diversified platform. Our portfolio of licences and first licensed offshore facility in Australia position us well to create new and innovative products at home and abroad and to achieve global expansion creating tangible value for customers and shareholders.”2019 BUSINESS HIGHLIGHTS AND RECENT ACCOMPLISHMENTSFirst full year of profitability and a top five cannabis revenue company in the Canadian Cannabis industrySigned multiple new supplier agreements with other Cannabis Act licensed holders, direct-to-consumer brands, provincial and private retailers including Medical Cannabis by Shoppers (2020); first international export agreements with AusCann Group Holdings Ltd., an Australian medicinal cannabis company, and ADREXpharma GmbH, a German pharmaceutical distributorReceived first GMP certification by the Therapeutic Goods Administration of Australia (TGA) and completed its subsidiary’s offshore facility in AustraliaSuccessful ramp up of the Company’s operations to support customers in the development and introduction of a range of Cannabis 2.0 products; first shipments delivered prior to year-end  
Successful shipment of the Company’s first international exports of wholesale cannabis extract to AustraliaAchieved a Research Licence and conducted its first controlled human administration trials in BarrieExpanded licensed facility footprint, to 25,000 sq. ft. to scale up automated downstream production, packaging and R&D supporting fulfillment of new product formats and formulation orders in 20202019 FINANCIAL SUMMARY1,2Revenue of $129.3 million reflecting a leadership position serving multiple customers in the wholesale concentrate market in Canada as well as initial international wholesale exports to AustraliaGross profit of $42.9 million, gross margin of 33%, Adjusted EBITDA1 of $24.7 million, Adjusted EBITDA margin of 19% and net income before tax was $6.8 millionYear-end Cash and Equivalents of $38.6 millionFOURTH QUARTER 2019 SUMMARY1Revenue increased to $32.4 million from $10.2 million in Q4 2018, and decreased 25% from $43.4 million in Q3 2019 due to a reduction in volume of bulk extract sold and average selling priceGross profit increased to $10.0 million from $4.0 million in Q4 2018 and decreased 32% from $14.7 million in Q3 2019. Gross margin was 31% compared to 39% a year ago and down from 34% in Q3 2019 primarily due to a reduction in the average selling prices and impact of lower volumes on production costs, partially offset by lower dried flower costsAdjusted EBITDA(1) increased to $2.7 million in Q4 2019 from $2.1 million in Q4 2018, and decreased 74% from $10.1 million in Q3 2019. The decrease from Q3 2019 reflects a decrease in revenue and gross profit and increased operating expenses attributable largely to ERP implementation expensesNet loss before tax decreased to $2.4 million from $3.5 million in Q4 2018, and decreased from net income before tax of $5.4 million in Q3 2019As at December 31, 2019, past due balance of receivables was approximately $8.6 million, of which $7.7 million was related to a previously announced statement of claim filed subsequent to quarter end.  All remaining outstanding balances as at year-end have been collected       The Company reported that the Canadian cannabis sector experienced significant challenges in the fourth quarter that resulted in an oversupply of bulk extract in the market and subsequent reduction in selling price and lower volumes. These factors included: a slower than anticipated expansion of retail channels in Canada, slower licensing of new and specialized cannabis 2.0 businesses, lower than expected conversion of bulk extract inventory into finished goods by vertically integrated players and slower than expected entry to the market by larger consumer packaged goods and pharmaceutical companies.“Through 2019, MediPharm Labs pioneered its way in an incredibly young industry. We executed well on a highly specialized and focused business model and took a leadership position among the top five cannabis revenue generating companies in Canada,” said Mr. McCutcheon. “We ended the year with capital strength and liquidity, while achieving and surpassing all of our significant operational and financial milestones despite the significant challenges faced by the sector in Canada.”2019 Quarterly and Full Year Summary Financial Highlights(1)(2)(1)  Adjusted EBITDA is a Non-IFRS measure. See Non-IFRS Measures section of this news release
(2) Year-over-year periods are not comparable as the Company commenced sales at the end of the fourth quarter of 2018
Looking AheadThe cannabis market challenges experienced in the fourth quarter are expected to persist in the near-term. Additionally, while it remains a rapidly evolving situation, the global COVID-19 pandemic is expected to have various operational impacts in the near term, including potential supply chain challenges, work from home adjustments, and enhanced safety protocols. The Company’s manufacturing facility was exempted from the recent provincial mandated workplace closures as an essential service, the extent of the impact on COVID-19 on the Company’s operational and financial performance will depend on various developments, including the duration and magnitude of the outbreak, and the impact on customers, employees and vendors.As a result, the Company has taken active steps in the immediate term to manage the business and maintain its liquidity and financial strength enabling management to continue prudently develop and invest in the business for the longer-term. In the immediate term, the Company is executing on the following:Diversifying and Accelerating Growth through:Prioritizing and accelerating new product development opportunities already in the Company’s pipeline of 2.0 products and outside the current portfolio – including topicals or R&D for other delivery methodsLaunch of in-house MediPharm branded wellness and medical products further diversifying the Company’s revenue stream and targeting distribution across multiple patient and adult-use channelsIntensified efforts to supply international medical markets and enhance global distribution, now possible given receipt of first GMPEntering new contract manufacturing agreements to enhance customer’s ability to convert bulk extract inventory into finished goods  Maintaining Liquidity and Financial Strength through:Deferral of non-essential budgeted capital expendituresReduced employee base by 10% in Q1 and rebalanced production workforce to meet needs of current environment and future growthProcurement driven cost savings initiatives whilst continuing to focus on improving operational efficiencies“As an expression of confidence in the longer-term potential of our Canadian footprint, we are moving forward with our recently launched in-house brand and to scale up our automated downstream production, quality control and testing capabilities, as well as our research and development functions within our recently expanded GMP facility in Barrie,” said Mr. McCutcheon. “These initiatives will support our brand as well as the fulfillment and distribution of orders and new product formulations not only in 2020 but in the decade ahead.”“With our first GMP certification in hand, we are well positioned to supply international medical markets that offer additional growth and diversification for our revenue streams as the Canadian market continues to evolve,” said Mr. McCutcheon. “Our international efforts are expected to be further strengthened by efforts to broaden our GMP certifications to include Europe and the start-up of our Australian facility.”Mr. McCutcheon added: “While current domestic market conditions are disappointing, MediPharm Labs has attracted a number of exciting customers and prospects both internationally and domestically, proving that our expertise and GMP-certified capabilities are in demand.”GROWTH CATALYSTSExpected EU GMP certification of the Canadian facility and TGA GMP certification of Australian facilityInternational export agreementsDevelopment of high-quality branded in-house consumer products and contract manufacturing agreementsApplication of MediPharm Labs’ Research LicenseNew opportunities for R&D and clinical trialsThe Company’s consolidated financial statements and management’s discussion and analysis for the three and nine months ended December 31, 2019 are available on SEDAR and on CONFERENCE CALL AND WEBCASTThe Company will host a conference call and audio webcast on March 30, 2020 at 8:30 a.m. eastern time to discuss its results and outlook. Participants are asked to dial in approximately 10 minutes before the start of the call using one of the following numbers: Toll-free: 877-791-0216; International: 647-689-5661.A replay will be available approximately one hour after the call ends by dialing: Toll-free: 800-585-8367; International 416-621-4642. Conference ID: 5576297.An audio webcast will be available in the Events section of the MediPharm Labs’ Investor Relations website or by visiting the following link: MEASURESAdjusted EBITDA is not a recognized performance measure under IFRS, does not have a standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company’s operations on a continuing basis by eliminating certain non-cash charges and charges or gains that are nonrecurring. Adjusted EBITDA is defined as net loss excluding interest, taxes, depreciation and amortization, and share-based compensation. Adjusted EBITDA has limitations as an analytical tool as it does not include depreciation and amortization expense, interest income and expense, taxes, share-based compensation and transaction fees. Because of these limitations, Adjusted EBITDA should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results as reported under IFRS. The most directly comparable measure to Adjusted EBITDA calculated in accordance with IFRS is operating income (loss). The above is a reconciliation of the Company’s operating loss to Adjusted EBITDA. See “Reconciliation of non-IFRS measures” in the Company’s Management’s Discussion and Analysis for the period ended December 31, 2019 for additional information.About MediPharm Labs Corp.Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-grade cannabis oil and concentrates and advanced derivative products utilizing cGMP (current 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 5 primary extraction lines having 300,000 KG of annual processing capacity to deliver pure, safe and precisely-dosed cannabis products for its customers. Through the Company’s wholesale, private and white label platform, MediPharm Labs formulates, processes, packages and distributes active pharmaceutical ingredients and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has 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 more information:Laura Lepore, VP, Investor Relations
Telephone: +1 416.913.7425 ext. 1525
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, building a multi-jurisdictional, GMP-certified, pharmaceutical-grade platform to serve the world’s most attractive emerging cannabis medical markets; entrance of future brands, consumer packaged goods companies and pharmaceutical companies into the cannabis market; creation of new and innovative products; achievement of global expansion and creation of value for customers and shareholders; scaling up of automated downstream production, packaging and R&D; receipt of new format and formulation orders in 2020 and the decade ahead; impact of the COVID19 pandemic on the business and operations of the Company, its suppliers and its customers; entering into new contract manufacturing agreements;  supply of international markets, including export agreements, and diversification of revenue streams; receipt of additional GMP certifications and start-up and TGA GMP certification of Australian facility; development of in-house consumer products and contract manufacturing agreements; application of Research Licence; and realization of opportunities for R&D and clinical trials. 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 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.

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Yield Growth Announces Manufacturing of Plant-Based Deodorant




Vancouver, British Columbia–(Newsfile Corp. – July 9, 2020) – The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) is pleased to announce that it has completed an initial 5,000 product run of a new deodorant SKU for plant-based brand, Antler.

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Yield Growth Announces Manufacturing of Plant-Based Deodorant

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“I am proud of our accomplishments in manufacturing plant-based products,” says Yield Growth Chief Executive Officer Penny White. “The timing is right for a high quality men’s plant-based wellness line, and we are pleased to be able to manufacture the highest quality products for Kingdom Brands.”

Kingdom Brands retained Yield Growth to manufacture the deodorants, which is part of a full plant-based men’s wellness collection under the Antler brand. Yield Growth completed production of Antler Deodorant as a white label for Kingdom Brands this month. This long-lasting, all natural, plant-based, aluminium-free deodorant is especially well suited for sensitive skin, is packaged to comply with U.S. and Canadian retail regulations, and can be sold directly to consumers via e-commerce.

There are no parabens, sulphates or aluminum in the Antler deodorant, which is vegan friendly and gluten free. The ingredients include a mix of hemp seed oil, coconut oil and shea butter base, which are all rich in fatty acid. Also incorporated are vitamins and antioxidants known to keep the skin moisturized and hydrated for a soothing and softer skin texture, mixed with sodium bicarbonate, a natural and safe mineral to neutralize odor causing bacteria.

According to a report by Future Market Insights, the global aluminium-free deodorant market is estimated at around US$1.2 billion in 2019, and is expected to grow at a CAGR of nearly 10% from 2019 to 2029.

About The Yield Growth Corp.

The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) is a phytoceutical and consumer packaged goods company that develops and acquires intellectual property and other assets related to plant-based products and therapeutics, and develops, manufactures, markets, sells and distributes plant-based products that improve lives. It has over 200 proprietary wellness formulas at various stages of commercialization, including over 20 products that are now for sale through e-commerce or brick and mortar retail stores. It owns the plant-based skin care brand Urban Juve, which is currently launching several hand sanitizer products, and it owns wellness brands Wright & Well and Jack n Jane. Yield Growth owns almost 20% of plant based wellness and clothing brand company Kingdom Brands, which is launching plant based products for men. It has 14 patent applications for its extraction method and product formulations and filed in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It is developing natural health products, including sunscreen, pain balm, and skin topicals to fight and ward off infectious diseases. Its majority owned subsidiary NeonMind Biosciences Inc. is launching a line of medicinal mushroom products and is developing intellectual property in the emerging area of psychedelic medicine. The Yield Growth management and advisory team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia.

Investor Relations Contacts:

Penny White, President & CEO

Kevan Matheson, Investor Relations

1-833-514-BOSS 1-833-514-2677

1-833-515-BOSS 1-833-515-2677

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies do to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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Materia and Pure Ratios to Launch Award-Winning CBD Topicals into the UK Market

Vlad Poptamas




Materia (“Materia” or the “Company“), a medical cannabis and CBD wellness company focused on the European market, today announced an agreement with Pure Ratios Holdings Inc. (“Pure Ratios”), an award-winning CBD topical manufacturer and subsidiary of 4Front Ventures Corp (CSE: FFNT) (OTCQX: FFNTF), to distribute and market its products across Europe.

“Pure Ratios is an innovator, with a best-in-class transdermal patch, rooted in science and natural medicine. We are excited to be their European partner, with plans to launch in the UK as our first market,” said Deepak Anand, CEO of Materia. “The UK is currently Europe’s largest CBD market and consumers are developing brand preference for products they like and trust. The market research we have conducted, including consumer segmentation and brand mapping, has made clear the calibre of partners required for long-term success. With highly differentiated products, proven quality and an established track record with consumers, Pure Ratios fits this profile perfectly.”

Founded in 2015 and based in San Diego, California, Pure Ratios is known for combining holistic wellness concepts with CBD and other cannabinoids. Its award-winning line of CBD topical patches are sold through a network of over 1000 stores across the United States and through their expanding e-commerce and distribution platforms. Under the terms of the agreement, Materia will conduct sales and marketing for Pure Ratios’ hemp-derived CBD topical salve, topical roll-on, lip balm and 96-hour transdermal reservoir patch products. Materia will work directly with wholesalers, retailers, and direct to consumers channels in the UK.

“Our approach of combining modern cannabis science with natural holistic medicine is both unique and effective and that has helped establish Pure Ratios as one of the most reputable CBD brands in the US,” said Chad Conner, Co-Founder of Pure Ratios. “We selected Materia as our partner because they have the commercial acumen and regulatory expertise to help navigate the burgeoning European market opportunity for us to propel Pure Ratios into a leading global wellness brand.”

According to the Centre for Medical Cannabis, UK consumers are spending over £300 million a year on CBD products and the market is forecasted to grow to almost £1 billion by 20251.  Demand for topicals is expected to exceed overall growth in the CBD market with a CAGR greater than 20%1. Key topical formats are balms and gels that are being used for muscle and joint relief, as well as skincare creams. The global CBD skincare market alone is expected to expand at a CAGR of 32.9% from 2019 to 2025, thereby reaching a value of approximately £1.4 billion (USD $1.7 billion) by 20252.

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InnoCan Pharma Collaborate with Recipharm on its CBD Loaded Exosome (CLX) Treatments




Herzeliya, Israel and Calgary, Alberta–(Newsfile Corp. – July 9, 2020) – InnoCan Pharma Corporation (CNSX: INNO) (FSE: IP4) (the “Company” or “Innocan”), is pleased to announce its collaboration with Recipharm, Israel to synthesize and analyze cannabinoid loaded exosomes.

Recipharm unites more than 30 facilities across 10 different countries offering a range of services, mainly in two different operating areas, pharmaceutical development services and manufacturing services. Recipharm offers seamless tech transfer from Recipharm development facilities and provide commercial supply of a wide range of formulations. Recipharm has over 25 years of experience innovating and developing new technologies and processes for clinical applications. Recipharm’s facility in Israel, offers development services to a wide variety of clients from start-ups to large established companies. Recipharm offers a wide range of GMP-compliant services ranging from manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and APIs, pharmaceutical product development and development and manufacturing of medical devices.

Iris Bincovich, InnoCan’s CEO stated: “Working closely with the exceptional Recipharm team will allow InnoCan Pharma to devote efforts with the exosome technology production/loading technology while the work on the cannabinoids themselves will be done at Recipharm.”

Dr. Sylvia Kachalsky, site manager in Israel stated: “We are very exiting to work with InnoCan Pharma on this unique project who has a potential to be applied on large spectrum of different indications. The idea of loading Exosomes with Cannabinoids may open a wide window to different formulations, using the Exosome as a “targeted missile” leading the chosen Cannabinoid to its target.”

Prof. Dani Offen stated: “The development of the CLX- CBD loaded Exosome is very challenging but holding huge potential. Working with Recipharm will allow me and my team to be concentrating and putting all efforts at the Exosome production/characterization/loading side of the development process while knowing the analysis work is been done in one of the best labs we could chose. We are working with Recipharm in close collaboration on the development of this exiting technology and looking forward to achieve the milestones as we planned.”

About Innocan Pharma

The Company, through its wholly-owned subsidiary, Innocan Pharma Ltd. (“Innocan Pharma Israel“), is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol (“CBD“) with other pharmaceutical ingredients. Innocan and Ramot at Tel Aviv University are collaborating on the development of a new exosome-based technology that targets both central nervous system indications and the COVID-19 coronavirus. CBD-loaded exosomes may hold the potential to provide a highly synergistic effect of anti-inflammatory properties and help in the recovery of infected lung cells. This product, which is expected to be administrated by inhalation, will be tested against a variety of lung infections.

Innocan Pharma Israel has entered into a worldwide exclusive research and license agreement with Yissum Research and Development Company, the commercial arm of the Hebrew University of Jerusalem, to develop a CBD drug delivery platform based on a unique-controlled release liposome to be administrated by injection. The Company, together with Prof. Berenholtz, Head of the Laboratory of Membrane and Liposome Research of the Hebrew University, plans to test the liposome platform on several potential indications. The Company is also working on a dermal product integrating CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of Innocan have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.

About Recipharm
Recipharm is a leading Contract Development and Manufacturing Organisation (CDMO) in the pharmaceutical industry employing almost 9,000 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material and APIs, pharmaceutical product development and development and manufacturing of medical devices. Recipharm manufactures several hundred different products to customers ranging from big pharma to smaller research and development companies. Recipharm’s annual turnover is approximately Euro 1.1 Billion. The company operates development and manufacturing facilities in France, Germany, India, Israel, Italy, Portugal, Spain, Sweden, the UK and the US and is headquartered in Stockholm, Sweden. The Recipharm B-share (RECI B) is listed on Nasdaq Stockholm.

For further information, please contact:

Innocan Pharma Corporation
Iris Bincovich, CEO


Caution regarding forward-looking information

Certain information set forth in this news release is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan.

Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan are available under Innocan’s profile at

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan Pharma does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

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