THC Global has announced it has entered into a supply agreement with MGC Pharmaceuticals to receive medicinal cannabis products which will be prescribed to patients in the first quarter of 2020.
THC Global (ASX: THC), a 'Farm to Pharma' pharmaceutical cannabis company, has just announced it has secured a supply agreement with MGC Pharmaceuticals (ASX: MXC) in which MGC Pharma will provide THC with medicinal cannabis products, packaged and made available to patients under the Canndeo brand.
THC expects its new medicinal cannabis products to be launched throughout Australia and New Zealand in the first quarter of 2020, and the agreement also allows MGC Pharma and THC Global to collaborate on the future supply of Active Pharmaceutical Ingredients (API) extracts as well.
We are pleased to partner with THC Global to produce and supply white label Canndeo branded phytocannabinoid products. MGC Pharma Managing Director & CEO, Roby Zomer
Given the rapidly increasing rate of Australian medical cannabis prescriptions, The agreement will provide THC with a reliable and immediate secondary source of medicinal cannabis products to be supplied to patients, while also expanding THC's initial product range. Furthermore, THC Global has currently focused on the production of cannabidiol (CBD) extracts, and through the agreement with MGC Pharma, THC will gain access to formulations that contain tetrahydrocannabinol (THC), the active compound in cannabis known to get users high.
Once THC Global has effectively scaled up production at its Southport Facility – the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere – the Company will begin to use its own cannabis. Until then, THC Global will be releasing three oral liquid formulations in partnership with MGC Pharma, which each contain varying ratios of THC and CBD compounds within them.
THC Global Chief Executive Officer, Ken Charteris, commented: "Our agreement with MGC Pharma provides THC Global with an immediate extension of our Canndeo branded medicinal cannabis product range, as well as a pathway for further collaboration with MGC Pharma taking advantage of THC Global's Southport Facility – the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere – and MGC Pharma's Maltese facility. We look forward to taking advantage of our market development activities in Australia, New Zealand, Canada, and Asia as we launch this new product range over the course of the next two months."
MGC Pharma Managing Director & CEO, Roby Zomer also commented: 'With the ever-growing use of phytocannabinoids for medicinal purposes, MGC Pharma is well placed to work with companies such as THC Global to manufacture quality and cost effective phytocannabinoid products. We expect that further discussions between MGC Pharma and THC Global on mutual exports of product to respective international markets will be beneficial to all going forward, particularly as we develop our ~15,000m2 GMP compliant pharma production and research facility in Malta."
To learn more about THC Global, visit their company HQ here.
To learn more about MGC Pharma, visit their company HQ here.
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