MGC Pharma fast-tracks London Stock Exchange listing
Health & Biotech
Health & Biotech
MGC Pharmaceuticals (ASX:MXC) said it will accelerate its plan to become one of the first medicinal cannabis companies to list on the London Stock Exchange (LSE).
It follows the publication Friday of policy guidance from the UK Financial Conduct Authority on its approach to assessing applications from cannabis-related companies to list on the LSE.
The FCA guidance outlines which cannabis sector businesses will be eligible to qualify to list on the LSE and related criteria including satisfaction that the UK Proceeds of Crime Act 2002 does not apply.
“We started the process of seeking a listing in the UK over a year ago, and are very pleased to see the FCA’s guidance note as we believe we are now well placed to push ahead and be one of the first cannabis-related companies to list in the UK,” company co-founder and managing director Roby Zomer said.
MGC Pharmaceuticals’ LSE listing status has been pending approval since it lodged listing documents including legal opinions and a company prospectus with the FCA in December.
The company has already started to update its listing submission to the FCA and its UK advisers are confident that it will meet the requirements for listing on the exchange.
Zomer said the company believed a UK listing will provide a unique opportunity not only for the company in terms of broadening access to capital markets, but also for the large and sophisticated UK investment community seeking exposure to the global medicinal cannabis market.
In a separate development, the Therapeutic Goods Administration in Australia has confirmed its intention to re-schedule certain low-dose medicinal cannabis products to Schedule 3 status from Schedule 4.
Schedule 3 medicinal cannabis products can be dispensed over the counter by pharmacists without a doctor’s prescription, significantly reducing patient time and costs in accessing these products.
MGC Pharma said it is well placed to benefit from this proposed change and has launched a clinical program to develop new products under its Mercury Pharma line that meet the Schedule 3 registration requirements.
The company aims to be one of the first medicinal cannabis companies to have its Schedule 3 products on Australian pharmacy shelves when the changes come into effect in June 2021.
Zomer welcomed the TGA changes.
“We are one of the market leaders in Australia for cannabidiol (CBD) products and these changes provide MGC Pharma with the ability to further increase our product offering and market penetration, while at the same time improving accessibility and affordability of high-quality CBC products for patients,” he said.
The proposed TGA schedule changes align with MGC Pharma’s goal of making medicinal cannabis products more accessible to patients in Australia while maintaining high product standards.
MGC Pharma recently imported its first shipment of EU Good Manufacturing Practice-certified Mercury Pharma product, expanding its range of medicines in Australia.
In addition, the company has expanded its Australian distribution network with the acquisition of the Medicinal Cannabis Clinics in July.
The company has also made appointments to its board to strengthen its leadership team.