MediPharm Labs Fortifies Board for Global Pharma Push

TORONTO, ON – December 10, 2025 – In a move signaling a clear strategic pivot toward pharmaceutical maturity, MediPharm Labs Corp. (TSX: LABS) has announced a significant change to its Board of Directors. The appointment of Michael Bumby, a veteran with deep roots in both global pharmaceuticals and cannabis finance, underscores the company's ambition to transition from a cannabis industry survivor into a formidable player in the highly regulated international market for cannabinoid-based medicines.

Effective January 1, 2026, Bumby will rejoin the board, replacing Shelley Potts, who will step down on December 31, 2025. While board shuffles are routine, this particular transition speaks volumes about MediPharm's evolution. Potts, who joined in 2020, was lauded by Board Chair Chris Taves for her leadership during the "early turbulent times" of the cannabis sector, a period defined by market volatility and consolidation. Her departure marks the end of an era. Bumby's return, however, signals the start of a new one, focused on leveraging financial discipline and regulatory expertise to unlock the next phase of growth.

The Pharma-Finance Architect Returns

Michael Bumby is not a new face to MediPharm, having served as an Independent Director since the 2023 acquisition of VIVO Cannabis Inc., where he was Chief Financial Officer for six years. His return to a more central board role is a calculated move to embed top-tier pharmaceutical and financial acumen at the company's highest level. His resume reads like a strategic blueprint for what MediPharm aims to become.

With over 20 years in the biotech and pharma industry, Bumby’s experience is extensive. His 14-year tenure at global giant Eli Lilly included critical roles in corporate finance and a stint as a regional CFO in Europe, providing him with firsthand experience in navigating the complex financial and regulatory landscapes of major international markets. This is not merely academic; it is practical, on-the-ground expertise that is invaluable for a company with aspirations to expand its footprint in Germany, Australia, and Brazil, and to eventually tackle the formidable U.S. market.

Furthermore, his track record in the Canadian biotech space is notable. He served as CFO for several NASDAQ and TSX-listed companies, including Antibe Therapeutics, which he helped take public, and Merus Labs. At Merus, he co-led its $340 million acquisition by Norgine B.V. in 2017, demonstrating a keen understanding of M&A and shareholder value creation. This combination of big pharma discipline, small-cap biotech agility, and direct cannabis-sector financial leadership makes him uniquely qualified to guide MediPharm as it tightens its operational focus and pursues profitability.

Solidifying Gains from a Transformative Acquisition

Bumby’s appointment is inextricably linked to the successful integration of VIVO Cannabis, the 2023 acquisition that reshaped MediPharm’s entire business. The deal more than doubled the company’s revenue stream and gave it immediate, revenue-generating access to established medical cannabis markets in Canada (Canna Farms), Australia, and Germany (Beacon Medical).

His intimate knowledge as VIVO's former CFO provides the board with unparalleled continuity and insight. It ensures that the strategic value of VIVO's assets—from its international patient platforms to its clinical research capabilities—is fully leveraged. This is more than just synergy; it is about embedding the acquired company's institutional knowledge into the parent company’s core strategy.

The financial results since the acquisition paint a picture of a company methodically executing its integration plan. MediPharm has realized approximately $42 million in annualized cost reductions since mid-2022. Its financial performance in 2024 showed marked improvement, with revenue climbing 27% to $42 million and gross profit surging to $12.8 million from just $5.8 million the prior year. Most tellingly, the Adjusted EBITDA loss narrowed dramatically to just $1.9 million for the year, with the final quarter showing a near-breakeven loss of only $0.1 million. With a strong balance sheet holding $11.7 million in cash and minimal debt, the company is on the precipice of sustained profitability. Bumby's reputation for financial discipline is precisely what is needed to navigate this final, critical stage.

This focus on financial prudence is further evidenced by the recent move to monetize non-core assets. The planned sale of the Hope facility, acquired through the VIVO deal, for $4.5 million in cash is a prime example. Consolidating operations at its main Barrie facility is expected to generate over $1 million in additional annualized savings, further streamlining the business and strengthening the balance sheet for future investments in high-growth areas.

Navigating the Global Regulatory Gauntlet

Perhaps the most critical aspect of Bumby’s return is his experience in "highly regulated markets." MediPharm's future does not lie in the recreational cannabis space but in the rigorously controlled world of pharmaceutical-grade cannabinoids. The company has already laid a strong foundation, holding a rare Pharmaceutical Drug Establishment License from Health Canada and achieving GMP certification with Brazil's ANVISA.

These certifications are not just plaques on a wall; they are essential keys to unlocking high-value international markets. International sales already account for over 50% of revenue and are the company's fastest-growing segment, with an 83% increase in 2024 driven by launches in Germany and Australia. The company is now shipping products to Brazil and completed its first shipment to France, markets where regulatory compliance is paramount.

The ultimate prize remains the United States. MediPharm has been explicit that its Canadian licenses are a "first step" toward pursuing foreign drug manufacturing site registration with the U.S. Food and Drug Administration (FDA). This is a long and arduous path that has thwarted many. The FDA treats cannabis-derived products with therapeutic claims as drugs requiring exhaustive clinical trials and data. Successfully navigating this process requires a deep understanding of pharmaceutical regulations, quality control, and clinical research protocols—all areas where Bumby's background provides significant strategic depth.

By placing a leader with a proven track record in both pharma finance and regulatory navigation at the board level, MediPharm is sending a clear message to investors and partners. The company is no longer just a high-quality cannabis extractor; it is methodically building the corporate structure, financial discipline, and leadership team required to compete as a specialized pharmaceutical company on the global stage.

This board refresh is a pivotal moment, aligning the company's governance with its operational reality and strategic ambitions. With a streamlined cost structure, growing international revenue, and a clear path to profitability, the addition of Bumby's expertise appears to be a crucial final piece in positioning MediPharm Labs to capitalize on its hard-won progress.