The first shipment of MGC Pharmaceuticals’ (ASX:MXC) medical cannabis epilepsy product, CannEpil, have arrived in the UK for distribution.
The news comes following the signing of distribution agreements that will give it access to an established network of over 5,500 pharmacies across the UK and seven months after the UK made changes to allow specialist doctors to prescribe medical cannabis to patients.
The distribution agreements signed with Grow Biotech and IPS Specials will provide MXC with “immediate access to large UK medical cannabis market.”
As part of the agreements, Grow Biotech and IPS will be able to import and distribute MXC’s proprietary products including CannEpil and CogniCann.
Both CannEpil and CogniCann are Investigational Medicinal Products (IMPs).
CannEpil is targeting the relief of symptoms of epilepsy and CogniCann is targeting alleviating the symptoms of dementia and Alzheimer’s disease.
The agreements come just days after MXC announced it has signed two new distribution agreements in Australia.
Ideal partners to take MXC’s products forward in expanding UK market
The next steps are for the products to be registered with the relevant authorities and MXC says that “initial prescriptions for CannEpil have already been received” by the distributors.
The medical cannabis market in the UK represents a significant market for MXC globally.
It is estimated that the medical cannabis market in the UK will reach EUR8.8 billion by 2028.
Between them, Grow Biotech and IPS, have a distribution network of over 5,500 pharmacies in the UK and an onsite pharmacy that can fulfil prescriptions direct to a patient’s door.
The parties will manage the process of importation through to delivery – also providing MXC with the logistical support on the ground.
Importantly, Grow Biotech will also “provide educational support and product information to UK prescribing doctors to support the products’ reception in the UK market”
MXC says that the parties “are ideal partners to facilitate the company’s expansion into the UK market, as they were the first to import a bulk shipment of medical cannabis to the UK.”
“Partnering with Grow Biotech and IPS places us with proven experts in importing medical cannabis products into the fast-growing UK market,” said co-founder and CEO of MXC Roby Zomer.
Following its first bulk import, Grow Biotech and IPS have seen increasing demand.
“In the last two and a half months since our first bulk import of medicinal cannabis, Grow Biotech and IPS have seen increasing numbers of prescriptions for patients in the UK,” said Hari Guliani, COO of Grow Biotech.
“We are excited to be able to offer MGC Pharma’s range of products in the UK market, which provide new options to the limited range currently available for doctors in the UK,” said Guliani.
The agreement with the parties is exclusive and is for an initial five-year term.
This content is produced by Star Investing in commercial partnership with MGC Pharmaceuticals. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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