MGC Pharma reaches 400 prescriptions, a twofold increase from the previous fortnight.
MGC Pharmaceuticals (ASX: MXC) has reached 400 patient prescriptions, just two weeks after announcing that they had reached the 200 patient prescriptions milestone.
Between September 18th and 30th, MGC received 202 prescriptions for their products and averaged 14 prescriptions per business day for the month of September.
MGC believes the recent uptake in prescriptions indicates that the company's products are not only of high quality but are also cost-competitive, which has led to a spike in interest and demand for MGC products.
The company has two central products, CannEpil and MXP100, both of which are available through the Special Access Scheme in Australia, and can also be accessed through specialised doctors that work under the Early Access to Medicines Scheme in the UK.
CannEpil is a high CBD, low THC formula (20:1) phytocannabinoid derived formula and is designed to treat drug-resistant forms of epilepsy.
MGC's second product is MXP100, which is designed to treat mild neurological and inflammatory disorders.
Roby Zomer, Co-founder and Managing Director of MGC Pharma, commented: "The continuing rapid growth of prescription numbers to over 400, doubling in just two weeks, validates the quality and immediate patient demand for our cannabinoid medicines, as well as our vertically integrated 'Seed to Pharmacy' strategy.
"We have seen a rapid increase in prescription numbers during the second half of September, and are confident that this upward trend will continue in both Australia and the UK with increasing supply of products underway.Roby Zomer, Co-founder and Managing Director of MGC Pharma
Zomer went on to say that "with our unique EU-GMP production and key market distribution infrastructure now established, we can meet this increasing demand for our offering of phytocannabinoid derived medicines in our existing and future markets."
The exponential patient prescription growth that MGC is seeing is also due to the company's close relationships with distributors across Australia and the UK, which ensure maximum patient access to MGC's products in both regions.
MGC's UK distribution partners are Grow Biotech PLC and IPS Specials, which provide the company access to over 5,500 pharmacies across the UK.
In Australia, MGC works with Health House International and Cannvalate, Australia's largest network of cannabis prescribers and dispensaries, to offer the company access to over 1000 doctors and 600 pharmacies Australia-wide.
MGC also works with Tetra Health and Cannabis Access Clinics, who both help to expedite the prescription process for Australians, by educating both patients and prescribers about medicinal cannabis products. A lack of practitioner and patient knowledge is considered one of the key barriers to prescription in Australia's relatively new medicinal marijuana landscape.
Disclaimer: past performance is not an indicator of future performance
The exponential prescription growth shown by MGC Pharma serves as validation for their "seed-to-pharma" approach, and it's likely such growth will continue in months to come.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!