- MGC Pharmaceuticals (MXC) has signed a binding term sheet with Israeli cannabis company IM Cannabis Corp (IMC) for the distribution of CannEpil in Israel
- Under this term sheet, IMC will be appointed as anexclusive wholesaler of CannEpil in Israel for a five year period and will oversee the promotional activity and distribution
- IMC will also be responsible for the registration of CannEpil and the securing of all permits and licences needed for import and commercialisation
- Currently, MGC Pharma is in discussions with the Israeli Ministry of Health to gain approval for an early access scheme to sell CannEpil through registered doctors
- Despite this news, MGC Pharma is down 4.17 per cent and shares are currently trading for 2.3 cents each
MGC Pharmaceuticals (MXC) has signed a binding term sheet with Israeli cannabis company IM Cannabis Corp for the distribution of CannEpil in Israel.
IM Cannabis Corp (IMC) is an international medicinal cannabis company with an established and well-known brand of high-quality products.
“The next generation of medical cannabis products will be driven by evidence-based research and IMC plans to remain at the cutting edge of cannabis medicine which aligns with its visions for leadership in the global medical cannabis industry,” IMC CEO Oren Shuster commented.
“As investment in research, development and commercialisation of treatments like CannEpil advances over time, IMC will seek to enter into similar agreements for the distribution of innovative products in all the markets in which it operates,” he added.
Under this term sheet, IMC will be appointed as an exclusive wholesaler of CannEpil in Israel for a five year period and will oversee promotional activity and distribution.
IMC will also be responsible for the registration of CannEpil in Israel and the securing of all permits and licences needed for import and commercialisation.
CannEpil is MGC Pharma’s high CBD (cannabidiol), low THC (tetrahydrocannabinol) formula for treating epilepsy.
The granting of this term sheet follows the approval of a phase 2b clinical trial that was granted in May.
“We are very pleased to have our first Israeli commercial distribution agreement for CannEpil in place with one of the leading companies of medical cannabis in Israel,” Co-Founder and Managing Director Roby Zomer said.
“There is a strong need for epilepsy medication in Israel and the agreement with IMC has the potential to be transformational for MGC following successful clinical trials,” he added.
Currently, MGC Pharma is in discussions with the Israeli Ministry of Health to gain approval for an early access scheme to sell CannEpil through registered doctors.
Despite this news, MGC Pharma is down 4.17 per cent and shares are trading for 2.3 cents each at 12:49 pm AEST.