MGC Pharmaceuticals has received early signs of revenue growth from its medical cannabis business with the company already receiving additional product orders under its agreements with Australian distributors Health House International and Cannvalate.
The company has just completed an initial order of $200,000 of cannabis-based pharmaceutical products to the distributors and has received another order that will provide an additional $100,000 to the company’s revenue in the September quarter.
Management said this was due to positive feedback from patients that led to doctors writing new prescriptions and a number of repeat prescriptions.
Under the non-exclusive distribution agreements, Health House and Cannvalate will improve the availability of MGC’s medical cannabis products under the Special Access Scheme via an expanded network of clinics and pharmacies.
MGC has permission from Australia’s Therapeutic Goods Administration to import its medicinal cannabis-based products for supply for use in either a clinical trial or under the