The Path Forward: Protecting & Building Value at MediPharm
Under the leadership of your current Board and management, we’ve executed a focused turnaround strategy that is already delivering results—growing revenue, expanding international markets, and improving profitability. The facts speak for themselves. Below is a snapshot of the meaningful progress we’ve made and the clear plan we’re following to build long-term value for all shareholders.
| Our Proven Plan to Deliver Shareholder Value | |
Revenue Growth & Financial Turnaround: Delivered 27% year-over-year revenue growth in 2024, with gross margin expanding from 18% to 31% and Adjusted EBITDA(1) has improved to nearly break-even. |
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Share Price Performance: The share price for the Company at year-end 2022, when current management had established themselves and begun to implement their new strategic direction, was $0.07. As of May 9, 2025, the share price was $0.085. As shown in the chart in the accompanying letter from the Board’s Chair, our total returns over the same time frame exceed those of leading cannabis companies and the Global X Marijuana Life Sciences Index (HMMJ). |
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Disciplined Cost Management: Achieved ~$20 million in annualized cost savings by streamlining operations and cutting duplicate expenses following the VIVO acquisition. |
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Transformational Acquisition Success: VIVO Cannabis acquisition added $10M+ in international medical revenue, expanded into Australia and Germany, and unlocked new synergy-driven growth. |
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Strategic International Expansion: Over 50% of revenues now generated outside Canada—MediPharm is a global leader in pharmaceutical-grade cannabis, leveraging GMP-certified manufacturing. |
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Diverse & Balanced Product Mix: Reduced risk through diversification—no product category exceeds 35% of revenue, with a blend of medical, adult-use, wellness, and pharmaceutical sales. |
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Clear Roadmap for Growth: Focused on high-margin medical and pharmaceutical segments, positioning the Company for long-term, sustainable profitability. |
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Strong Governance & Oversight: Independent Chair, fully independent key committees, and continuous board renewal to maintain robust oversight and governance best practices. |
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Proactive Board Renewal: Nominating fresh talent with deep industry experience and proven leadership to drive the next phase of growth. |
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Focused on M&A Opportunities: A solid balance sheet and proven integration success provide a roadmap for capitalizing on market consolidation in the cannabis sector. |
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Committed to Shareholder Value: Your Board and management team have a clear, credible strategy—and are delivering real results while protecting your investment from opportunistic threats. |
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Your Vote is Very Important - Vote Only Your GREEN Proxy or VIF Today OR no later than 3:00 p.m. EST on Friday, June 13, 2025
The Board strongly recommends that shareholders vote FOR all of MediPharm’s director nominees. DO NOT VOTE USING ANY MATERIALS SENT BY THE DISSIDENT.
To do so, vote using only the GREEN proxy or GREEN voting instruction form.