BARRIE - MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) ('MediPharm Labs' or the 'Company') a pharmaceutical company specialized in precision-based cannabinoids, completed the saleof MediPharm Labs Australia Pty, a fully owned subsidiaryof the Company, for a value of $7.25M AUD.

Thesale was completed with OneLife Botanicals PTY ('OneLife Botanicals') effectiveOctober 6, 2022.

The Sale, as previously announced on July 11,2022, includes the assets of MediPharm Labs Australia, specialized licensing,operational knowledge, and Australian and New Zealand customers currentlyserved from that facility. All international contracts outside of Australia andNew Zealand will remain with MediPharm Labs Corp. and be serviced from theMediPharm Labs Barrie GMP facility.

After an extensive sale process, the Agreementwith OneLife Botanicals wasidentified as a strategic fit for both parties. OneLife Botanicals is an emerging leader in the Australia regionfor cannabis-based wellness and medical products, with plans to launch OTC CBDproducts across Australia. Purchasing the MediPharm Labs Australia facility expediatesOneLife Botanicals' timingto commercialization.

About MediPharmLabs

Founded in 2015, MediPharm Labs specializesin the development and manufacture of purified, pharmaceutical-quality cannabisconcentrates, active pharmaceutical ingredients (API) and advanced derivativeproducts utilizing a Good Manufacturing Practices certified facility with ISOstandard-built clean rooms. MediPharm Labs has invested in an expert, researchdriven team, state-of-the-art technology, downstream purification methodologiesand purpose-built facilities for delivery of pure, trusted and precision-dosedcannabis products for its customers. MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributescannabis extracts and advanced cannabinoid-based products to domestic and internationalmarkets. In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment Licence from HealthCanada, becoming the only company in North America to hold a domestic GoodManufacturing Licence for the extraction of natural cannabinoids. TheCompany carries out its operations in compliance with all applicable laws inthe countries in which it operates.

Contact:

Tel: +1 416.913.7425

Email: investors@medipharmlabs.com

Web: www.medipharmlabs.com

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