The European Commission’s Cosmetic Products Notification Portal has approved ASX listed MGC Pharma’s unique cannabis based skin care and cosmetic line to be sold in Europe. The approval marks a major milestone in the company’s strategy to distribute its MGC Derma Cannabidiol based cosmetic products throughout Europe via its partner network and online portal.
The European body responsible for regulating the European cosmetics market has approved ASX listed MGC Pharma’s unique cannabis based skin care and cosmetic line to be sold in Europe.
The approval by the European Commission’s Cosmetic Products Notification Portal (CPNP) marks a major milestone in the company’s strategy to distribute its MGC Derma Cannabidiol based cosmetic products throughout Europe
MGC Pharma own 51% of a joint venture in Slovenia with well known cosmetic manufacturer Natura Laboratories that has produced a cannabis based skin care line of products.
The company is aiming to produce up to 50 unique products in the MGC Derma Ananda range including products such as Moisturising Day Cream SPF 50, Active Firming Anti-Aging Mask, Active Whitening Facial Cream, Anti Puffiness and Dark Circles Eye Serum.
The joint venture recently launched its retail online shop at www.mgcderma.com and the approval from the CPNP removes the last hurdle for MGC Pharma to get its product to market in Europe.
Approvals to market the MGC Derma Ananada range in Australia and America are also pending from the Therapeutics Goods Association in Australia and the US Food and Drug Administration.
MGC Pharma say the global cosmetics market was estimated to be worth US$460b in 2014 and that their strategy for the MGC Derma Ananada line is very much a global one.
The company will sell direct to end users via its online portal and they will pursue reseller distribution agreements with major distributors around the world.
They have already signed one significant reseller agreement with “Czech Medical Herbs” who will now take the product to market in Europe following on from the CPNP approval.
Nativ Segev, Co-founder and Managing Director of MGC Pharmaceuticals Limited said “Receiving approval from the European Commission’s Cosmetic Products Notification Portal marks a significant milestone for MGC Pharmaceuticals. It allows the Company to commence dedicated marketing and sales efforts for its cosmetics products throughout the EU and furthering our move towards material revenue generation, as part of the large global cosmetics market.”