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- MGC Pharmaceuticals (MXC) has finalised its buyout of telehealth provider Medicinal Cannabis Clinics
- The deal cost MGC $1 million in ordinary shares and a further $400,000 in cash, in exchange for Medicinal Cannabis Clinics’ business assets, data and intellectual properties
- Medicinal Cannabis Clinics currently has access to over 600 pharmacy accounts and has facilitated over 4,000 medical consultations to-date through its telehealth network
- Following the buyout, Medicinal Cannabis Clinics is now in the process of obtaining the relevant state and federal licences to import and distribute MGC’s medicinal cannabis products in Australia
- MGC Pharmaceuticals closed 4.76 per cent in the green for 2.2 cents per share.
MGC Pharmaceuticals (MXC) has finalised its buyout of telehealth provider Medicinal Cannabis Clinics.
First announced back in July, the deal cost MGC $1 million in ordinary shares and a further $400,000 in cash in exchange for Medicinal Cannabis Clinics’ business assets, data and intellectual properties.
Having only been established last year, Medicinal Cannabis Clinics has already risen to become one of Australia’s leading telehealth medicinal cannabis clinics.
Medicinal Cannabis Clinics currently has access to over 600 pharmacy accounts and has, so far, facilitated over 4,000 medical consultations through its telehealth network. MGC Pharmaceuticals is eager to incorporate this network into its own European-based phytocannabinoid-derived medicine business.
With the buyout finalised, MCC is now in the process of obtaining the relevant state and federal licences to import and distribute MGC’s medicinal cannabis products in Australia. Once the licences are in hand, MCC will become part of MGC’s overall supply chain, expanding its presence across the emerging Australian medical cannabis market.
MGC intends to eventually offload its current supply chain to MCC, lowering importation, storage and distribution overheads in the process.
Co-founder and Managing Director of MGC Pharma Roby Zomer said the company was very pleased to complete the acquisition.
“As previously announced, this acquisition significantly improves our distribution network and supply chain capabilities and efficiencies both in Australia and Internationally. The MCC acquisition enables MGC Pharma to increase the profit margin and meet our stated goal of providing high-quality cannabinoid medications to patients at an affordable price,” he added.
MGC Pharmaceuticals closed 4.76 per cent up for 2.2 cents per share.
