MGC Pharmaceuticals – publicly traded on the Australian Securities Exchange – has harvested its first high-CBD cannabis test crop, setting up the company to begin production on its first research grade crop, according to a Business News report.
The test crop was grown at the MGC research laboratory in Ljubljana, Slovenia in order to evaluate growing conditions and soil nutrients. It will be used to test the company’s extraction facility. The next crop, set for the second quarter of 2017, is expected to be used for the production of medicinal raw materials and cosmetics for MGC Derma – the company’s cosmetic arm – which is on track to receive approval to market its CBD-based skincare products in the European Union, the report says.
Earlier this month, the company announced a deal to acquire Panax Pharma, a Czech-based medical cannabis company. MGC Co-founder and Managing Director Nativ Segev said that deal “will significantly strengthen” the company’s growing and research capabilities.
MGC is already backed by Perth corporate financial tycoons and has Israeli executives; the deal with highly-connected Panax, once finalized, would immediately give MGC a foothold in the European market and provide access to world-leading facilities.
Segev said that the company has already established distribution agreements in North America and Europe that have “already begun delivering revenue” for the company.