Aug. 14 at 2:18 PM
$MEDIF MediPharm Labs (TSX: LABS
Revenue:
$11.8M (+14% YoY)
Gross Margin: 28% (↓ from 39% YoY)
Adjusted EBITDA: –
$0.6M
Bull Case (Optimistic View)
• Strong international momentum: 50% YoY growth in international medical cannabis; now more than half of total revenue. Expanding to high-value markets like Australia and the UK.
• Clean balance sheet: Debt-free,
$10.4M cash,
$15M in owned assets
• Shareholder support: Won proxy battle decisively (3:1 margin), providing governance stability
• Year-to-date improvement: Adjusted EBITDA loss of
$0.4M in 1H 2025 vs.
$1.1M loss in 1H 2024 — trending toward break-even.
Bear Case (Cautious View)
• Margins under pressure: Gross margin fell to 28% from 39%
• Still unprofitable: Negative Adjusted EBITDA this quarter (-
$0.6M), worse than Q1 (+
$0.14M). No proof yet of sustained profitability.
• Non-operational cash boost: Cash increase largely from
$4.5M asset sale — not from core business operations.