MGC takes a Euro trip and hits Germany with a brand new dist deal
Health & Biotech
Health & Biotech
Link copied to
Special Report: MGC Pharmaceuticals (ASX:MXC) has signed a new distribution agreement with a German-based company for the distribution of its phytocannabinoid products in Europe.
The agreement is with a fully owned subsidiary of MedVec, Mexacare, a sales company for diagnostic devices and complementary medical products to pharmacies, allied health practitioners, laboratories, hospitals and doctors, to distribute MGC Pharma’s epilepsy product CannEpil, and dementia and Alzheimer’s product CogniCann in Germany, Austria and Switzerland.
“Germany and the associated region represents a key emerging market within the wider European market,” said MGC Pharma cofounder and managing director Roby Zomer.
“I am confident that this agreement with Mexacare will enable us to capitalise on this extraordinary market opportunity as we effectively commercialise MGC Pharma’s products in the region via Mexacare’s established network of pharmacies and medical professionals alongside its diagnostic technology that is expected to result in faster, cost effective prescriptions.
“As investors will recognise from the recent volume of news that we are focused on expanding MGC Pharma’s global presence and connecting patients with our products.”
German medical cannabis market alone totalled €133 million in 2018 and is estimated to grow to €7.7 billion by 2028.
Knut Butzinger, founder of Mexacare, said they’d been looking for a strategic partner with a pharmaceutical strategy around phytocannabinoid products.
“MGC Pharma is one of the few companies with a sole focus on prescription phytocannabinoid based products,” he said.
The two year agreement will see MGC’s products sold under its own brand and as white labels.