Just days after expanding its Australian distribution network, ASX-listed MGC Pharmaceuticals has now signed an exclusive distribution agreement with UK medical cannabis leaders Grow Biotech and IPS.
This provides MGC with direct access to their established distribution channels, which includes an extensive network of 5500 pharmacies across the UK.
Grow Biotech and IPS were the first to import a bulk shipment of medical cannabis to the UK on 15 February 2019 following UK regulation changes on 1 November 2018 that allowed specialist doctors to prescribe medical cannabis to their patients.
The two companies will ensure that MGC’s range of proprietary investigational medicinal products are registered with all relevant authorities and will also manage the process of importing the products, through to delivering them to patients at home or selected pharmacies.
Grow Biotech will also provide educational support and product information to UK prescribing doctors.
MGC Managing Director Roby Zomer said: "This is a significant agreement for MGC Pharma, which provides us with official access into the UK medical cannabis market and an established network of distributors for our product. Partnering with Grow Biotech and IPS places us with proven experts in importing medical cannabis products into the fast-growing UK market, expected to reach €8.8 billion by 2028.”
“Our move into the UK is proving extremely timely, with a change in regulation and increasing interest from doctors and pharmacies keen to explore new ideas particularly involving medical cannabis.”
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.
By Matt Birney
