MGC Pharma growth accelerates as prescription sales double in two weeks
Health & Biotech
Health & Biotech
Special Report: MGC’S strategic focus on building out its global distribution network is starting to pay dividends, as sales ramped up in the second half of September.
It’s been a good month for medicinal cannabis stock MGC Pharma (ASX: MXC), which continues to build momentum across its range of premium phytocannabinoid products.
In mid-September the company hit the first milestone for its core markets in the UK and Australia, when prescription numbers rose past the 200 mark.
Just two weeks later, that figure doubled to 400 – a sign of exponential early-stage growth
For MGC co-founder and managing director Roby Zomer, that early growth is a by-product of the company’s strategic execution around product development and building out sales channels.
Both of MGC’s proprietary products – CannEpil and MXP100 – were developed in line with the company’s “seed to pharmacy” strategy, following an extensive period of research & development.
Along with comprehensive procedures around quality control, MGC’s vertically integrated supply chain gives it full control over the intellectual property developed in the formulation of its medically approved products.
CannEpil is a high CBD, low THC formula used in the treatment of drug-resistant epilepsy, while MXP100 is recommended for mild neurological disorders and inflammation.
And while early-stage prescription sales growth is growing exponentially, Zomer said the company still has plenty of opportunities ahead to expand its global distribution.
“With our unique EU-GMP production and key market distribution infrastructure now established, we can meet this increasing demand for our offering of phytocannabinoid-derived medicines in our existing and future markets,” he said.
As growth ramps up, MGC will be in a position to leverage its established network of licensed distributors in both the UK and Australia.
The company’s designated UK distributors – Grow Biotech PLC and IPS Specials – provide it with “official access into the UK medical cannabis market with an extensive network of some 5,500 pharmacies across the UK”, MGC said.
It’s local distribution network includes Cannvalate, which manages Australia’s largest network of approved prescribers (over 1,000 doctors) and dispensary outlets (over 600 pharmacies), giving MGC “immediate and Australia-wide access across all patients and specialities.
The net result is MGC has laid the groundwork across the supply chain, which will give it first-mover advantage as the market grows.
“We are confident this uptrend will continue in both Australia and the UK, with an increasing supply of our products now underway,” Zomer said.