MGC Pharma can now import any Schedule 4 and schedule 8 MGC Pharma medicinal cannabis products into Australia, after being granted an Import License by the Australian Office of Drug Control.
MGC Pharmaceuticals (ASX:MXC), a Europe-based cannabis biotech focused on the development and commercialization of affordable phytocannabinoid medicines, announced today that the company had received an Import Licence from the Australian Office of Drug Control (ODC).
The announcement follows news from the 26th of May that MXC would receive an Indent Wholesale Licence by the Western Australian Department of Health, and together these licenses help to move MXC toward its goal of being a global biopharma company that is vertically integrated.
The newly acquired import license allows MGC Pharma to import it's own branded products of prescription-only, Schedule 4 cannabinoid medicines, and Schedule 8 controlled substances into Australia. The new license opens the doors for MXC to import products from its European facility, which will "significantly decrease logistics and handling fees for MXC," according to the company's latest press release.
The company will begin to import its medicinal cannabis products to be distributed and sold throughout Australia, with assistance from commercial partners such as Cannvalate, and in the future, the company aims to begin to import its affordable Mercury Pharma range such as MP1:1 and MP25T.
From here, MXC's stated goal is to "expand its sales team and clinic access, increasing from the retail profit margins, alongside its distribution channels."
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "The granting of the import licence in Australia is very significant for our Australian operations, with the logistics savings we are able to become more cost-effective and are also able to expand our product offering to our Australian customers."
To find out more about MGC Pharma, visit their company HQ here.
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