Rapidly advancing medical marijuana player, MGC Pharmaceuticals is expanding its Australian distribution network with the ASX-listed company signing distribution agreements with Australian medicinal cannabis distribution and logistics specialists Health, House International and Cannvalate.
Health House wholesales and distributes medicinal cannabis products in Australia and the UK to community and hospital pharmacies.
It also has a network of medical professionals who assist doctors with the administrative burden of obtaining Special Access Scheme approvals and provide clinical advice.
Cannvalate is Australia’s largest network of cannabis prescribers and dispensaries with over 1000 doctors and more than 600 pharmacies.
In addition, Cannvalate coordinates one of the country’s largest medicinal cannabis clinical research facilities and is partnering with MGC on several clinical trials with the products covered by the agreement to increase the confidence of the prescribing medical community.
These non-exclusive agreements expand the network of clinics and pharmacies from which Special Access Scheme applications for the company’s phytocannabinoid-based products may be derived.
MGC has permission from Australia’s Therapeutic Goods Administration to import its medicinal cannabis based products for supply for use in either a clinical trial or under the Special Access Scheme, which allows health practitioners to access therapeutic goods that are not in the Australian Register of Therapeutic Goods for their patients under exceptional clinical circumstances.
Earlier this month, MGC signed a distribution deal with major Chinese e-commerce import platform YuShop Global that would see its cannabis-based nutraceuticals sold on YuShop’s online platform and via its network of 1,500 retail channel partners in China, including a luxury spa chain.
This gives the company access to an increasingly health-conscious market, with over 350 million middle-class Chinese vitamin and supplements consumers expected to purchase over USD$20b worth of vitamins and supplements market-wide in 2020.
NB : This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine or drug.
