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.