MGC Pharmaceuticals gained 11.9 in the ASX today after announcing signing Australian distributors Health House Internationa and to distribute its medicinal cannabis products.
The products included in the distribution deal cover MGC’s (treatment of epilepsy), (treatment of dementia and Alzheimer’s) and CBD oils MXP100 and MXC1:1 for pain treatment.
MGC Managing Director Roby Zomer says the deal is exciting for the company and proves great validation for the extensive research and development for commercialisation.
“In tandem with our vertically integrated seed to pharma strategy we are building a truly international business that is setting the standards in the medical cannabis space,” he said.
MGC is European based and currently providing products to Europe, North America, Australasia. Health House International CEO Paul Mavor says MGC’s cutting edge technology and CogniCann product were the focus of the deal.
“This disease is a massive problem to society both financially and emotionally and currently we have no other pharmaceutical options,” he said.
HHI is Australian based and currently has distribution relationships across the UK and Australia for hospital pharmacies.
Cannvalate and MGC have also partnered for medicinal cannabis research in Melbourne to increase clinical support for cannabinoid pharmaceuticals.
Cannvalate’s cannabis network currently covers over 1,000 doctors and 600 pharmacies world wide, providing licensed producers immediate access to cannabis treatment products.
MGC’s market cap remains at $53.36 million as of this morning, trading shares at 4.7 cents a piece.