MGC Pharmaceuticals will grow cannabis in Australia as part of its plan for the medicinal cannabis market.
Releasing a five-point plan for the local market, the company says it is working on applying for a growing license from relevant state departments
A short time ago, its shares were up more than 10% to $0.031.
Co-founder Nativ Segev says the medicinal cannabis market in Australia is an emerging opportunity for Australian patients, growers and the pharmaceutical industry.
“As Australia places itself on the global medicinal cannabis map, MGC Pharmaceuticals plans to play a crucial leadership role in the development of the domestic industry,” he says.
The five point strategy:
1. An Australian medicinal cannabis growing license. MGC Pharmaceuticals is applying for a medicinal cannabis growing license from the states. It will focus on creating a pipeline for Australian grown cannabis to be provided to Australian patients, with the potential for growing additional medicinal cannabis for export.
2. Clinical trials. The company intends clinical trials at leading Australian medical and academic institutions from 2017, extending its existing program in Israel.
3. Industry leadership. MGC Pharmaceuticals will advocate for the creation of an independent body to assist regulation of the industry and help growers. The company will seek collaboration partners and acquisition targets, especially from within the medical-tech sector.
4. Research collaboration. The company will pursue further research collaboration with universities and independent groups to continue to establish key partnerships in the Australian medicinal cannabis market.
5. Cosmetics to the Australasian markets. MGC Pharmaceuticals will expand the reach of its cosmetic products into Australasia. These products will be based on the formulas and intellectual property held by MGC Pharmaceuticals Europe operations.
The strategy follows the recent changes in Australian legislation to allow the cultivation of cannabis in Australia for medical or scientific purposes.
Medical cannabis company MGC Pharmaceuticals completed a backdoor listing on the ASX in February with a reverse takeover of Erin Resources.
ASX-listed Medlab Clinical became the first commercial business involved in therapeutic cannabis research last year after being selected by the NSW Government to conduct the research at its Sydney laboratory.