MGC Pharma enters Europe with exclusive supply deal in Poland
ASX-listed medicinal cannabis player, MGC Pharma, has gained exclusive access to a key market in Europe after signing a commercial, wholesale supply agreement with a Polish NGO known as Cannabis House Association and the Forensic Laboratory of the Faculty of Law and Administration at the University of Lodz to supply a large-scale research project in Poland.
Under the exclusive deal, MGC Pharma said it will supply its cannabinoid medicine products to 15 pharmacies initially, up to 50 pharmacies within nine months with around 250 outlets set to roll out within two years. The company will also provide scientific support to the commercial research study while gathering participant data on the effects of its products on medicinal cannabis users.
The company said it will be the exclusive supplier of its phytocannabinoid products which will be based on the CannEpil and CogniCann brands and its Mercury Pharma line. The supply agreement will run for an initial two-year period and commence after receiving final approval from the University of Lodz’s bioethics committee which is expected by April this year.
MGC Pharma said that the project is designed to examine the societal, financial, medical and public health ramifications of the product to patients and users. It is the first of its kind in Europe. There are about 15,000 registered pharmacies in Poland, with the vast majority authorised to distribute cannabis. In fact, the Polish Pharmaceutical Chamber anticipates that up to 300,000 patients could qualify for medical cannabis, according to MGC Pharma management.
MGC Pharma’s Co-founder and Managing Director, Roby Zomer said: “We have continued to build momentum this year by adding Poland to the list of countries where our phytocannabinoid-derived medicines are available, which follows our entry into Ireland in December after receiving formal approval for the sale of CannEpil®. The combination of a truly distinctive research project such as this one, run by a highly regarded university in the University of Łódź, with the market potential of Poland and government support, creates a unique opportunity for MGC Pharma to access to a large EU market immediately, drive revenues, and generate significant patient data. Additionally, the prospect of researching easier access to regulated products is one that appeals to MGC Pharma’s scientific board, creating data that will hopefully support this agenda on a global level.”
Medical cannabis in Poland was legalised in 2017, allowing for cannabis treatment of any condition, provided there is clinical evidence to prove its effectiveness. Poland represents a significant entry point into the entire eastern European region, with a population of approximately 38 million people.
MGC Pharma appears to have secured an outstanding ‘first-responder’ deal to gain a foothold in the burgeoning European medicinal cannabis market via Poland, where medicinal cannabis is already legal. This commercial scale project can only benefit MGC Pharma as it strives to drive revenues up and gather significant patient data along the way.
Is your ASX listed company doing something interesting ? Contact : firstname.lastname@example.org
MGC Pharmaceuticals (MXC)
Closing price for the last 90 trading days
Powered by Morningstar ®