Medical marijuana company to trade as MXC
Erin Resources (ASX:ERI), the former gold explorer that turned away from commodities exploration, to focus on commodity commercialisation in the form of medical cannabis, announced today that it would officially change its name to MGC Pharmaceuticals and will trade on the ASX under the ticker coder MXC.
The ticker will become official by 16 December 2015.
The Company confirmed today that in accordance with the special resolution passed by shareholders at the GM on 16 November, Erin Resources Limited has changed its company name to MGC Pharmaceuticals effective 11 December.
Earlier this year, MGC Pharmaceuticals became the first Australian registered company to gain permission to grow, process, import and export an unlimited quantity of Cannabis Sativa L (hemp) and its products.
Cannabis Sativa is otherwise known as an Active Pharmaceutical Ingredient (API).
An API’s grade compounds are products that other pharmaceutical companies buy – these are highly valuable and can be traded at prices upwards of $350,000/kg.
MGC is putting the API to good use in cosmetics products, before it turns its attention to medical marijuana, which has seen a shift in confidence towards its use by worldwide governments including the Australian Federal government.
MGC has a full line of more than 50 products that are set to be rolled out in the first half of 2016 including facial creams, eye serums, soaps, toners and cleansing milks.
Currently MGC is selling a 15 product range.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.