MGC's Mercury Pharma Line Achieves Record-Breaking Sales

Sales from MGC Pharma's product line exceeded $225,000 in the past four weeks alone.

MGC Pharmaceuticals Ltd (ASX: MXC), a biopharma company with an emphasis on the production and development of phytocannabinoid-derived medicines today announced it had achieved a record-breaking period of week-on-week sales and revenue growth throughout September and October. In the past 4 weeks alone, the company's sales reached 225,00, selling over 7,000 units during the period, representing a 65% increase since 30 June 2020.

The company attributes its recent sales success to its affordable Mercury Pharma product line into the Australian and Brazilian markets, as well as the increased demand generally in the Australian market.

MGC is facilitating this increased Australian demand through its distribution networks with companies like Cannvalate, through pharmacies, and directly to patients in Brazil. The company expects to hit record sales for the December quarter and is on target to sell 5,000 units in CY 2021. Moreover, the company expects to see a further uptick in demand once the TGA's CBD scheduling changes are put in place in Australian pharmacies.

Roby Zomer, CEO & Managing Director of MGC Pharma commented:

"It is increasingly brought to our attention that one of the major inhibiting factors for patient access to medicinal cannabis in Australia, and globally, is the high price point that comes with high-quality medications that are not covered by insurance.

We are constantly streamlining our operations in order to lower our overall cost base, to ensure we can meet our obligation to increase patient access to affordable, high-quality medicinal cannabis products. Roby Zomer, CEO & Managing Director of MGC Pharma

Mr. Zomer went on to say that "we are seeing the results of this strategy through the increase in patient demand and sales volumes. The Company is continuously monitoring the COVID-19 situation in Slovenia with our team members continuing to make every effort to keep MGC Pharma moving forward due to their belief and commitment to what the Company is doing in creating and manufacturing unique, and life-changing medicines. The Board thanks the Slovenian team for their commitment to the Company and its patients during this time."

To learn more about MGC Pharma visit the company HQ here.

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

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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