MGC Pharma has been granted a Cannabis Research Cultivation Permit from the Australian ODC, allowing the company to undertake research projects with RMIT University.
MGC Pharmaceuticals Ltd (ASX: MXC), the Europe-based cannabis biotech today announced that the company has been granted a Cannabis Research Cultivation Permit from the Australian Office of Drug Control (ODC).
This research permit will allow MGC Pharma to undertake research projects in collaboration with the Royal Melbourne Institute of Technology (RMIT University) that will see the company look into the cultivation and curation of cannabis strains in order to test against cancer cells. According to today's announcement, "strains will be screened for anticancer activity, initially melanoma and prostate cancers."
The stated goal of the research is to focus on the identification of new cannabinoids and formulas that might aid in cancer treatment, beginning with an analysis of the efficacy of these formulations against melanoma, prostate, and other cancer cells. The permit will allow for MGC Pharma to be able to register its genetics and research findings in Australia, which the company intends to use as leverage in order to propel future collaborations with other organizations throughout Australia.
The research permit will allow MGC Pharma to continue its goal of developing a portfolio of unique cannabinoid formulations and will promote the company's seed-to-pharmacy business model.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "The grant of a cannabis research cultivation permit is an important step forward for MXC in Australia as we continue to broaden the potential application of our phytocannabinoid derived medicinal products. Importantly, the permit also allows the Company to collaborate with other establishments to not only improve existing genetics but also create new genetics for the Australian market."
To learn more about MGC Pharma, visit their company HQ here.
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