MGC builds medical cannabis patient numbers

MGC Pharmaceuticals has added another notch to its belt after chalking up its 100th patient that has either been prescribed for or is being processed to receive prescriptions of its medical cannabis-based pharmaceutical products in Australia.

A bulk shipment of MGC’s pharmaceutical products is currently on its way to Australia with Tetra Health, an organisation that helps medical professionals and patients obtain safe access to medicinal cannabis products also recently adding MGC’s products to their product range.

Tetra Health will purchase the products from Health House for distribution to its network of pharmacies, prescribing physicians and partnered clinics.

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.

The Special Access Scheme allows health practitioners to access therapeutic goods that are not in the Australian Register of Therapeutic Goods for their patients under exceptional clinical circumstances.

MGC Managing Director Roby Zomer said: “To have reached 100 patients now prescribed or being processed to receive our products in a relatively short amount of time is a major milestone for the company.”

“We anticipate our number of patients to increase as we broaden our product range available for prescription.”

Tetra Health Chairman Ian Mutton said:  “Matched with our own 500%+ increase in prescribed patient growth over the last month, this relationship allows us to add much-needed medications to our product line to service our diverse patient cohort across Australia and grow with another Australian based supplier of cannabinoid-based therapeutics.”

MGC has been steadily ramping up its revenues with the company reporting revenues of $763,000 in the fourth quarter ended 30 June 2019, well above the sales revenue of $296,811 that it recorded in the entire 2017-2018 financial year.

The company is also on track to significantly increase its medical cannabis production capacity too after signing a long-term lease agreement with Maltese Government-owned Malta Industrial Parks Limited for a 6,000 square metre site.

MGC has already started site works for the fully-integrated, multi-storey building that will have 15,000 square metres of space for the cultivation and manufacture of cannabinoid-derived medicines for global distribution.

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.