MGC Pharma's agreement with the Polish NGO Cannabis House Association will provide the company with another lucrative EU market to target.
The bio-pharma powerhouse, MGC Pharmaceuticals (ASX:MXC), hit another impressive milestone today, after the company announced that it had secured an exclusive commercial wholesale supply agreement with the Polish NGO Cannabis House Association (Stowarzyszenie Cannabis House) and the Forensic Laboratory of the Faculty of Law and Administration of the University of Łódź in Poland.
The agreement officially marks the company's entry into Poland—which is a key EU market—as it establishes the framework under which MGC will supply cannabinoid products and assist in the rollout of a large-scale commercial research project aimed at collecting data on Polish medicinal cannabis use.
Under the agreement, MGC Pharma will be the exclusive supplier of phytocannabinoid products for the project, which will make use of the CannEpil, CogniCann, and the Mercury Pharma product range.
We have continued to build momentum this year by adding Poland to the list of countries where our phytocannabinoid-derived medicines are available, which follows our entry into Ireland in December after receiving formal approval for the sale of CannEpil.MGC Pharmaceuticals Co-Founder and Managing Director, Roby Zomer
This will be achieved through a commercial wholesale agreement—which has no minimum order volume—that will see MGC's products distributed into pharmacies and authorised dispensaries throughout Poland.
The research project will initially begin rolling out MGC's products to 15 pharmacies immediately, before expanding to 50 pharmacies within a nine-month period, with a full rollout to approximately 250 locations planned within the next two years.
The agreement represent another key milestone for the company—along with providing another lucrative EU market to target—as there are a total of 15,000 registered pharmacies in Poland, and up to 90% are authorised to distribute cannabis.
"The combination of a truly distinctive research project such as this one, run by a highly regarded university in the University of Łódź, with the market potential of Poland and government support, creates a unique opportunity for MGC Pharma to access to a large EU market immediately, drive revenues, and generate significant patient data," MGC Pharma Managing Director Roby Zomer said.
"Additionally, the prospect of researching easier access to regulated products is one that appeals to MGC Pharma's scientific board, creating data that will hopefully support this agenda on a global level."
Additionally, the Polish Pharmaceutical Chamber has estimated that there may be up to 300,000 patients who could be eligible for medical cannabis.
As part of the agreement, MGC Pharma will also provide the research project with quality control and scientific guidance, while also consulting on the implementation of a Phase II medical trials.
According to the Chair of the Cannabis House Association's Scientific Council, PhD Piotr Grzegorczyk, MGC Pharma's involvement in the research project should help to address the failures of Poland's current drug policy and assist in improving quality of life for patients in desperate need of treatment.
"We are very pleased to partner with a high quality partner in MGC Pharma, which helps us assure that patients and users in Poland will receive the highest quality cannabis products."
"Current research shows that today's drug policy doesn't meet its goals and our project should help to evoke its change and to actually minimise harmful effects of cannabis usage in Poland, through conditional permission for possession and houseusage and through education of society."
"I trust this project will significantly improve quality of life for patients and users of cannabis. This cooperation between the University, MGC and the Association is a unique opportunity for the many years of experience acquired by MGC to assist in the development of Polish science," Grzegorczyk said.
To learn more about MGC Pharma visit their Company HQ here.
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