- MGC Pharmaceuticals (MXC) has been granted an import licence by the Australian Office of Drug Control (ODC)
- This licence will allow the company to import any of its Schedule 4 and Schedule 8 medicinal cannabis products into Australia from its European production facility
- A Schedule 4 product relates to prescription-only medication, while Schedule 8 relates to controlled drugs
- The next steps for MGC Pharma include expanding its sales team and increasing profit margins
- Further, it will expand importation to a wider range of products, such as those from its Mercury Pharma brand
- MGC Pharma is up 9.09 per cent on the market this morning and shares are trading for 2.4 cents each
MGC Pharmaceuticals (MXC) has been granted an import licence by the Australian Office of Drug Control (ODC).
This licence will allow the company to import any of its Schedule 4 and Schedule 8 medicinal cannabis products into Australia from its European production facility.
A Schedule 4 product relates to prescription-only medication while Schedule 8 relates to controlled drugs.
MGC Pharma believes that this licence will decrease logistics and handling fees, and will support its business model of becoming a high-quality affordable medicinal cannabis provider.
“The granting of the import licence in Australia is very significant for our Australian operations, with the logistics savings we are able to become more cost-effective and are also able to expand our product offering to our Australian customers,” Co-Founder and Managing Director Roby Zomer commented.
The next steps for MGC Pharma include expanding its sales team and increasing profit margins.
The company will also work to bulk import its product range for storage, distribution and sale across Australia.
Further, it will expand importation to a wider range of products, such as those from its Mercury Pharma brand.
MGC Pharma is up 9.09 per cent on the market this morning and shares are trading for 2.4 cents each at 11:20 am AEST.