MGC Pharma bags vital medicinal cannabis import licence
8 July 2020, Written by Business News Australia
Medicinal cannabis producer and developer MGC Pharma (ASX: MXC) will see its logistics processes streamlined following the granting of a new import licence.
Issued by the Australian Office of Drug Control (ODC) the import licence will enable MGC to directly import Schedule 4 (prescription only medicine) and Schedule 8 (controlled drugs) medicinal cannabis products into Australia from its European production facility.
MGC will decrease its logistics and handling fees as the import process was previously facilitated by Melbourne-based group Cannvalate and medicinal cannabis distributor Health House International.
MGC Pharma co-founder and managing director Roby Zomer says the granting of the import licence is the latest step toward the company becoming a vertically integrated bio-pharma group.
"The granting of the import licence in Australia is very significant for our Australian operations, with the logistics savings we are able to become more cost effective and are also able to expand our product offering to our Australian customers," says Zomer.
Stay tuned. Our Australia's top 20 cannabis companies list for 2020 will be released soon.
MGC will now bulk import its medicinal cannabis products for storage, distribution and sale across Australia through its commercial partners including Cannvalate.
Further, the company will now be able to expand importation to encompass a wider range of products including products from its Mercury Pharma brand such as MP1:1 (a 25mg/mL THC:CBD product) and MPT25T (a 25mg/ML THC product).
Business News Australia
Author: Business News Australia