MGC Pharmaceuticals (ASX:MXC) has been granted a Cannabis Research Permit from the Australian Office of Drug Control (ODC).

This follows the receipt of the Cannabis Research Licence in 2019.

The receipt of a permit enables the company to proceed with botanical research projects in collaboration with RMIT University, which includes cultivating and breeding strains in order to test against cancer cells, with the aim of optimising efficacy.

Strains will be screened for anticancer activity, initially prostate and melanoma cancers.

The botanical research will leverage existing MGC Pharma IP and focus on identifying new cannabinoids and formulas to find new treatments.

This approval will also allow the company to register its genetics and research findings in Australia which can be used and leveraged to meet future needs and collaborate with other establishments across Australia to create new genetics and improve the genetics available within the Australian market.

Receipt of this research permit further progresses MXC’s Australian operations and supports its nature to medicine business strategy.

“The grant of a cannabis research permit is an important step forward for MXC in Australia as we continue to broaden the potential application of our phytocannabinoid derived medicinal products. Importantly, the permit also allows the company to collaborate with other establishments to not only improve existing genetics, but also create new genetics for the Australian market,” said Roby Zomer, cofounder and managing director of MGC Pharma.