MGC Pharma launches online medical cannabis store

Published at Apr 14, 2016, in Biotech

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”.

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.

Publishers Notice

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.

Facebook
Twitter
LinkedIn