01:56 PM EDT, 03/25/2024 (MT Newswires) -- MediPharm Labs Corp. ( MEDIF ) , a pharmaceutical company specializing in precision-based cannabinoids, which saw its shares jump 30% from near 52-week lows last Friday, on Monday offered an update on German cannabis legalization.

The new legislation, which will become effective April 1, removes medical cannabis from the German narcotic list and will allow adults to cultivate, possess, and store cannabis for personal consumption.

Beacon Medical, a wholly owned subsidiary of MediPharm Labs ( MEDIF ), is located in Potsdam and holds a suite of German GMP medical cannabis licenses to import, wholesale, and distribute GMP cannabis products.

Also, MediPharm ( MEDIF ) said it manufactures and distributes medical cannabis products to STADA customer pharmacies.

The company's shares gained nearly 6% on last look on Monday.

Price: 0.09, Change: +0.01, Percent Change: +5.88