MGC Pharma launches online medical cannabis store
Published on: | by finfeed
MGC Pharmaceuticals (ASX:MXC) yesterday launched its online sales platform, allowing customers to purchase its cannabidiol based cosmetic product range.
MGC’s cosmetic division, MGC Derma launched the online cosmetics store www.mgcderma.com and has already recorded its first retail sales.
The Ananda Cosmetics range is currently available to consumers within the European Union and other countries where CBD cosmetics products are legally sold.
Cannabidiol is a non-psychoactive component of cannabis and accounts for more than 50 per cent of known therapeutic applications.
The online shop complements MGC Pharmaceuticals existing wholesale sales channels and enables the company to accelerate its direct to customer product sales strategy.
These first online sales have followed shortly after MGC signed a $500,000 distribution deal with Czech Medical Herbs (CMH) that could have a potential retail value of $1.5 million.
“The launch of our online store is a strong complement to the Company’s established wholesale product sales channel,” said MGC co-founder and Managing Director Nativ Segev.
“With the global interest in cannabis based products growing rapidly and the large opportunity in the $US460 billion dollar cosmetics market, MGC Pharmaceuticals is well positioned to be the market leader in the cannabis industry.”
Over the coming months, MGC will develop a range of 50 products to release to market which it hopes will penetrate the global cosmetics market which is expected to be an estimated $675 billion dollar industry by 2020.
MGC is an ASX listed company and has bold ambitions in Australia.
The company is working the Australian government to obtain a license for the establishment of a “state-of-the-art” growing facility.
Its plans may be made easier with this week’s announcement that the Victorian government is clearing the way for legal access to medical cannabis in “exceptional circumstances”.