07:10 AM EDT, 09/17/2024 (MT Newswires) -- MediPharm Labs ( MEDIF ) said Tuesday it has paid off the entire remaining convertible debt of $2.1 million.

The company, which is focused on cannabis-based health products, now reports a "robust" financial position with more than $13 million in cash and full ownership of three facilities.

"Becoming materially debt-free is a significant milestone for MediPharm Labs ( MEDIF )," said CEO David Pidduck. "Our strong cash position and near breakeven adjusted EBITDA reflect our disciplined approach to financial management. We are well-positioned to focus on the future and leverage our resources to pursue strategic growth initiatives."