Total
0
Shares
BetMakers (ASX:BET) teams with Waterhouse on new racing products
  • MGC Pharma (MXC) is set to enlarge its footprint in Latin America after entering a distribution agreement with Anden Bio Naturals
  • The agreement will see Anden commercialise and distribute MGC Pharma's cannabis based medicines in Peru and Bolivia
  • Anden is the only legal distributer of cannabis derived products in Peru and has a large distribution network
  • In addition, MGC Pharma will provide a white label line of products for Anden to commercialise in the two countries
  • MGC shares went unchanged today and were worth 3.5 cents each at market close

MGC Pharma (MXC) is set to enlarge its footprint in Latin America after entering a distribution agreement with Anden Bio Naturals.

The biopharmaceutical company today announced it has signed an exclusive commercialisation and distribution agreement with Anden for Peru and Bolivia.

The deal will see Anden distribute MGC Pharma's phytocannabinoid-derived medicines in Peru and Bolivia for a five-year term.

Anden is the only legal importer of cannabis-derived products in Peru and delivered its first products to the country in October 2019.

In addition, Anden has an established distribution network of pharmacies, private medical clinics and insurance providers in the country.

Under the deal, the exclusive distribution rights are subject to Anden meeting sales targets which will be agreed upon by both parties every quarter.

MGC Pharma will also provide Anden with a white label line of nutraceutical products to commercialise in Peru and Bolivia, given they will not compete with MGC Pharma products.

Anden will pay success fees to MGC Pharma for the white label products based on sales milestones to be determined by both parties, again on a quarterly basis.

MGC Pharma first entered Latin America in June last year when its signed an agreement with Onix to distribute MGC Pharma products in Brazil, via its subsidiary OnixCann.

This was followed by the establishment of a new joint venture with BrazilInvest Global Business and Development for the sale and marketing of MGC Pharma products in Brazil and Latin America.

MGC shares went unchanged today and were worth 3.5 cents each at market close.


Subscribe


MXC by the numbers
More From The Market Herald
OBJ (ASX:OBJ) - CEO, Paul Peros - The Market Herald

" OBJ (ASX:OBJ) to raise $4.5M for product development and licencing

Innovative wellness company OBJ (OBJ) is aiming to raise $4.5 million through an entitlement offer and placement for licencing, development and general workin…
Creso Pharma (ASX:CPH) - CEO & Co Founder, Dr Miri Halperin Wernli (left) and Chairman, Boaz Wachtel (right) - The Market Herald

" Creso Pharma (ASX:CPH) subsidiary receives follow-up order from Univo Pharmaceuticals

Creso Pharma’s (CPH) subsidiary, Mernova Medicinal, has received a US$625,690 (roughly A$901,830) purchase order from Univo Pharmaceuticals.
Holista Colltech (ASX:HCT) - Managing Director, Dr Rajen Manicka - The Market Herald

" Holista CollTech (ASX:HCT) misses the mark for hand sanitiser product

Holista CollTech (HCT) has downgraded its $3.8 million in expected sales from its hand sanitiser product, Natshield, due to COVID-19 and race riots.
Cellmid (ASX:CDY) - CEO, Maria Halasz (right) - The Market Herald

" Cellmid (ASX:CDY) signs distribution agreement for SARS-CoV-2 and ELISA’s

Cellmid (CDY) has signed a distribution agreement with Immunodiagnostics (IMD) for Enzyme Linked Immunosorbent Assays (ELISA’s) and SARS-CoV-2 tests in Australia and New