MGC Pharmaceutical receives Health Canada approval
Following on from last week’s news that MGC Pharmaceutical (ASX:MXC) had received FDA approval to sell and distribute its CBD-based cosmetic products across the US, comes the news that Health Canada has also given MGC Pharmaceuticals regulatory approval.
Health Canada approval enables MGC Pharmaceuticals to pursue distribution and sales agreements in a market estimated to be $US1.9 billion.
MGC Pharmaceuticals is currently in negotiations on distribution agreements in Canada to facilitate sales into this key market.
The Canadian market is a leader in the global medicinal field, and with pharmaceutical ambitions as well as a retail agenda, approval in this region is critical to MGC Pharmaceutical’s long-term business plan.
“MGC Pharmaceuticals has moved forward with its commercialisation strategy for its CBD cosmetics range at a rapid pace, delivering key regulatory approvals, distribution agreements and commencing sales in recent months,” said MGC Pharmaceuticals co-founder and managing director Nativ Segev.
“Our approval from Health Canada is another strong step forward, enabling us to expand our geographic sales reach for the products into Canada, which has a very progressive attitude and legislation for medicinal cannabis and related product markets.
MGC Pharmaceuticals has now managed to gain approval from the FDA in the US, the European Commission’s Cosmetic products Notification Portal (CPNP) for its cosmetics product line.
The company is also awaiting approval in Australia from the Australian Therapeutic Good Administration (TGA).
It is expected the TGA will hand down its decision shortly. If favourable, MGC Pharmaceuticals would be able to sell the cosmetics product line to Australian consumers and MXC’s shareholders.
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