Solid demand for cannabis skin care range for MGC
Medical marijuana player MGC Pharmaceuticals could enjoy a revenue boost after luxury retailer Harvey Nichols extended sales of its cannabis based skin care lines to two additional stores in the UK.
The move just a month after Harvey Nichols started carrying MGC’s Derma and Derma Plus lines at its flagship Knightsbridge store in June.
The iconic retailer decided to extend sales to its other stores due to strong and increasing demand for the products.
A PR and marketing campaign has also secured exposure in a number of print and online publications for MGC’s range of 18 products that contain cannabidiol, the non-psychoactive ingredient in cannabis.
The company said the exposure provided by its skin care products may also provide a ready made pathway to market for its medicinal cannabis business following recent legislative changes that legalise the use of medicinal cannabis in the UK.
In other developments three of the company’s products within the MGC Derma Anti Aging collection have been shortlisted for the Notebook Anti-Aging Beauty Awards.
MGC Pharmaceuticals Managing Director Roby Zomer said: “The UK is an exciting market for us due to recent changes in legislation and I look forward to exploring the possibilities for the MGC pharma division here.”
The skincare products are targeted at consumers that suffer from a variety of skin conditions including redness, dryness, flakiness and oiliness along with symptoms relating to acne-prone or blemish-prone skin.
According to MGC management, successful clinical tests conducted at a European facility last year resulted in a 71% improvement in dry skin, a 65% improvement in flaking skin and an 86% improvement in itching skin.
The expansion by its UK retail partner is a clear sign that MGC has successfully secured a beachhead for its cannabis skin care lines into the burgeoning UK cosmetics market.
MGC Pharmaceuticals (MXC)
Closing price for the last 90 trading days
Powered by Morningstar ®