MGC Pharma's Profits Climb After 85% Prescription Volume Increase

The rapid increase in purchase orders has added another $200,000 to the company's revenue, while also doubling the total number of prescriptions to more than 4,500.

The European based 'Seed to Medicine' bio-pharma company, MGC Pharmaceuticals (ASX:MXC), sent its stock climbing by 3.70% today after it announced an 85% increase to its January purchase order volume over the past week.

Purchase orders for the company's line of Mercury Pharma proprietary prescription cannabis products jumped from 2,000 to 3,700, which have now been put into immediate production.

Once delivery is fulfilled, it will lead to a substantial increase in the company's overall prescriptions issued, doubling the total to more than 4,500.

Upon delivery to patients in the coming weeks we will see a more than doubling of current total of MGC Pharma medicines prescribed to date to over 4,500, which we expect to grow rapidly over the coming months with access to new markets opening for our cannabinoid-based medicines. MGC Pharma Co-Founder and Managing Director, Roby Zomer

As a result of the increased unit order for Mercury Pharma and other white label products the company is set to take in A$430,000 in revenue.

This was driven in part by the recent purchase order for 1,700 units, which added approximately A$200,000 to the company's coffers.

The order consisted of a range of Mercury Pharma products—primarily the 100mg/mL cannabidiol (CBD) solution MP100—while distribution will be handled by logistics specialist Cannvalate Pty Ltd, along with several smaller companies operating in the New Zealand market.

According to the Co-Founder and Managing Director of MGC Pharmaceuticals, Roby Zomer, the company's rapidly increasingly order volume has demonstrated that there is an immediate market demand which is being met by the company's affordable Mercury Pharma product line.  

"Following the launch of our new brand, Mercury Pharma, we are delighted to see order numbers increase significantly over the last few weeks and continue to see a material impact on our short-term revenues," Zomer said.

Import permits have also been received from the Australia Office of Drug Control (ODC), which will allow the company to complete the shipment by early March.  

To learn more about MGC Pharma visit their Company HQ here.

Disclaimer: Past performance is not an indicator of future performance.

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.

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