MGC Pharmaceuticals Ltd (AX:MXC) is developing cannabis-based pharmaceutical products, initially in Australia and Europe. It has cannabis-growing operations in Europe and plans to supply cannabis-based active pharmaceutical ingredients (API), as well as developing registered pharmaceutical products for refractory epilepsy and dementia. MGC has signed a binding term sheet for the sale of its MGC Derma cannabis-based cosmetics business to Cannaglobal for up to C$15m (A$16m). We arrive at an initial valuation of A$140m or A$0.11 per share.
Cannabis growing and extraction in Europe
MGC is already growing medicinal cannabis crops in the Czech Republic and has established in Slovenia one of the few fully GMP-certified resin extraction and separation plants in Europe, in order to produce cannabis resins for use in its own pharmaceutical products, and for sales to drug and cosmetics manufacturers. The company plans to establish larger-scale cannabis-growing and processing operations in Malta under a contract awarded by the Maltese government in April.
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