ASX-listed medicinal cannabis company, MGC Pharmaceuticals, has inked a distribution agreement to produce and supply its cannabinoid medicines to South American based Anden Bio Naturals SA, a company that pioneered the legal import of cannabis-based products into Peru via a tender with its Government's Ministry of Health.
The exclusive five-year agreement will give MGC access to Anden’s Peruvian and Bolivian industry networks containing over 7,500 pharmacies, private clinics and an oncological private insurance system that has over one million listed clients.
Co-founder and Managing Director of MGC Pharma, Roby Zomer said: “This closely follows our entry to the Latin American market in November 2019, when MGC Pharma’s products became available in Brazil and in December receiving formal approval for the sale of CannEpil in Ireland.”
“We’ve rapidly diversified our global reach, with plans in place to add further jurisdictions this year, which is to have immediate positive impact on our cashflows…”
CannEpil is the company’s high cannabidiol, or “CBD”, and low tetrahydrocannabinol, or “THC”, phytocannabinoid derived formulation, used in the treatment of drug-resistant epilepsy amongst other things.
Co-Founder and CEO of Anden, Curt Schwarz said: “We firmly believe that cannabis medications have the potential of improving the quality of life of millions of people worldwide. The decree estimates that a minimum of 7,596 patients in Peru are in urgent need of access to medical cannabis…”
MGC’s pharmaceutical-grade phytocannabinoid products are emerging as a realistic alternative to conventional drugs.
The company’s CBD formulations are not psychoactive and are used internationally by patients for a range of indications and symptoms including pain and inflammation.
According to the British Journal of Clinical Pharmacology, the most common uses of CBD are in the treatment of anxiety, schizophrenia, nausea, vomiting and epilepsy.
In 2018, MGC received a manufacturing license for its cutting-edge manufacturing facility in Slovenia to commence producing cannabis-based medicinal products.
CBD is legal in Australia under the Special Access [prescriptive] Scheme and MGC has permission from Australia’s Therapeutic Goods Administration to import its medicinal cannabis-based products for supply in either a clinical trial or under the Special Access Scheme.
The Special Access Scheme allows health practitioners to access therapeutic goods for their patients that are not on the Australian Register of Therapeutic Goods under exceptional clinical circumstances.
MGC has a “seed to pharmacy” strategy that seeks to be involved all the way along the value chain from seeding a plant to selling medicine.
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.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
