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MGC sales hike by 64 percent in six months

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Matt BirneySponsored
ASX-listed MGC Pharma has surpassed its 3,250-prescription milestone, delivering a 64 per cent growth in sales this year for its medicinal cannabis products.
Camera IconASX-listed MGC Pharma has surpassed its 3,250-prescription milestone, delivering a 64 per cent growth in sales this year for its medicinal cannabis products. Credit: File

MGC Pharmaceuticals said it has now issued 3,295 prescriptions for its medicinal cannabis products across its existing markets of Australia, the United Kingdom, Ireland and Brazil, delivering the ASX-listed company an impressive 64 per cent growth in sales so far this year.

Management also said that a total of 1,338 patients have now received prescriptions, predominantly for products from its CannEpil and Mercury MGC Pharma product lines. This amounts to a 55 per cent increase in those product sales since January 2020 and the company noted that an average of 35 per cent were repeat patients receiving two or more additional prescriptions. An additional twenty-three patients had received a total of fifty prescriptions of its cannabinoid product, CogniCann.

According to MGC, the Cannabis plant contains more than one hundred phytocannabinoids; with the two most well-known in today’s world being cannabidiol and tetrahydrocannabinol. MGC’s products use varying amounts of each of these two compounds across its product lines. The Mercury brand is a range of therapeutic phytocannabinoid formulations whereas the CannEpil and CogniCann products are medicinal formulations that treat epilepsy and dementia respectively.

MGC said it was expecting more growth in sales as it rolls out an expanded Mercury product line with six additions to the range. It said it was also well placed with its product range to cater for the local market when Australia’s Therapeutic Goods Administration allows low-dose, Schedule-3 cannabiniod medicines into Aussie pharmacies in early 2021.

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This move could be something of a game-changer for the company as it may even result in some of MCG’s low-dose, pharmaceutical-grade medicinal cannabis products being sold without prescriptions next year.

Whilst sales growth this year has been exceptional, the company said it was continuing to market aggressively across the globe through its existing distributors and it is also targeting fresh distribution network opportunities.

MGC Pharma’s Co-founder and Managing Director, Roby Zomer said: “The Company is extremely pleased to have achieved the strong growth in both prescription and patient numbers in what has been a challenging operating environment due to the outbreak of COVID-19. The Company is responding to the current strong order pipeline and we look forward to further sales growth opportunities with the expansion of the Mercury MGC Pharma line of products.”

Is your ASX listed company doing something interesting ? Contact : matt.birney@wanews.com.au

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