- MGC Pharmaceuticals (MXC) has delivered record week-on-week sales and revenue growth through September and October
- The company largely attributes the growth to the launch of its new Mercury Pharma line of cannabinoid medicines in Australia and Brazil
- Monthly sales have exceeded 7000 units for the first time, which marks an increase of more than 65 per cent since June 30
- The record figures put MGC on track to meet its goal and average 5000 unit sales per month across the first half of 2021
- MGC is also in a prime position to take advantage of upcoming regulatory changes from the Australian Therapeutic Goods Administration (TGA)
- Once implemented, these changes will allow some cannabinoid medicines to be sold over-the-counter at pharmacies
- MGC Pharmaceuticals is trading 4.35 per cent higher for 2.4 cents per share
MGC Pharmaceuticals (MXC) has delivered record week-on-week sales and revenue growth through September and October.
Sales have exceeded $225,000 in the past four weeks, which are the best consecutive weekly sales results to date.
New line, new growth
The company largely attributes the growth to the launch of its new Mercury Pharma line of cannabinoid medicines into the Australian and Brazilian markets.
Monthly sales have exceeded 7000 units for the first time, which marks an increase of more than 65 per cent since June 30.
Most of the growth has come in the Australian market, where demand has outstripped expectations.
Offering a full range of products at a reduced price point has led to an increased uptake of the Mercury Pharma line by suppliers, including Australia’s leading distributor on cannabinoid medicines, Cannvalate.
MGC CEO and Managing Director Roby Zomer says providing cheaper premium products has been key in the company’s growth strategy.
“It is increasingly brought to our attention that one of the major inhibiting factors for patient access to medicinal cannabis in Australia, and globally, is the high price point that comes with high-quality medications that are not covered by insurance,” Roby said.
“We are constantly streamlining our operations in order to lower our overall cost base, to ensure we can meet our obligation to increase patient access to affordable, high-quality medicinal cannabis products,” he continued.
“We are seeing the results of this strategy through the increase in patient demand and sales volumes,” Roby concluded.
Outlook
Based on the recent record figures MGC is well on track to meet its goal and average 5000 unit sales per month across the first half of 2021.
MGC is also in a prime position to take advantage of upcoming regulatory changes from the Australian Therapeutic Goods Administration (TGA) to allow some cannabinoid medicines to be sold over-the-counter at pharmacies.
Some of the company’s products are primed for registration as schedule three medicines, potentially positioning MGC as a market leader and providing access to significant revenues.
So far, the fresh COVID-19 outbreak in Europe has not affected production at the company’s Slovenian manufacturing plant.
MGC Pharmaceuticals is trading 4.35 per cent higher for 2.4 cents per share at 12:33 pm AEDT.