The dominos are starting to fall for ASX listed Medical Cannabis upstart MGC Pharma with its third regulatory approval in 3 months being granted.
The company will now have the right to market its unique medical cannabis based cosmetic line known as “MGC Derma” into the $1.9b a year Canadian market after the Canadian regulatory authority, Health Canada approved the product for that market.
The latest green light for the company follows recent approvals also granted for MGC Pharma to market their products into the USA and Europe with an approval to enter the Australian market currently pending.
MGC Pharma is a medical Cannabis company with a twist.
It is undertaking medical research into the use of medical cannabis to treat certain ailments, whilst at the same time developing a line of skin care products that are based on the unique qualities of Cannabidiol, a product derived from cannabis.
Products already being marketed into the USA by MGC Pharma include anti-aging products such as Moisturizing Day Cream, SPF 30, Active Firming Anti Aging Mask, Active Bright Facial Cream, Anti Puffiness and Dark Circles Eye Serum.
Nativ Segev, Co-founder and Managing Director of MGC Pharmaceuticals said; “MGC Pharmaceuticals has moved forward with its commercialisation strategy for its CBD cosmetics range at a rapid pace, delivering key regulatory approvals, distribution agreements and commencing sales in recent months. Our approval from Health Canada is another strong step forward, enabling us to expand our geographic sales reach for the products into Canada which has a very progressive attitude and legislation for medicinal cannabis and related product markets.”
By Matt Birney
