- MGC Pharmaceuticals (MXC) has launched its new "Mercury Pharma" medicinal cannabis brand
- The first Mercury Pharma product, MP100, has already received 2000 orders for January and February
- This is expected to bring in over $270,000 of revenue, according to the company
- The product will be distributed first by supply specialist Cannvalate and then by Health House International
- Just after midday, MGC Pharma shares are up 6.25 per cent and trading for 3.4 cents each
MGC Pharmaceuticals (MXC) has launched a new line of medicinal cannabis products for Australia and New Zealand branded "Mercury Pharma".
The company said the Mercury brand was born out of a need for more cost-efficient phytocannabinoid-derived medicine.
The first product in the new brand is the Mercury Pharma 100 — or MP100 — cannabidiol (CBD) solution. High CBD medicines do not cause the psychoactive effects associated with other strains of cannabis but are generally more associated with healing and antidepressant effects.
According to MGC, 2000 units have already been ordered for delivery in January and February worth over $270,000.
Provided all the necessary import permits for the product are granted by the Australian Office of Drug Control, MGC expects to ship out these orders within the next month. The product will be distributed first by cannabis supply specialist Cannvalate and eventually by Health House International.
MGC Co-Founder and Managing Director Roby Zomer said the launch of the Mercury brand and the MP100 product bodes well for the year ahead as the company kicks things off with a bang.
"The Mercury Pharma brand brings an alternative affordable high CBD prescription medicine to the Australian and New Zealand markets only, as well as adding a new product line to MGC Pharma’s offering," Roby said.
"Without competing with our existing EU GMP Pharma grade medicines, we believe we will be a serious competitor for already available cannabis-derived products, and look to disrupt the market," he said.
Roby said with MGC's increasing prescription numbers, he expects the new product to bring about an increase in patient numbers. For reference, MGC prescriptions for its CannEpil and MPX100 medicines increased from 200 in early September to 1800 in mid-December.
Cannvalate Chief Operating Officer Darryl Davies said the company was looking forward to adding MP100 to its network.
"MP100 is a high-quality, cost-effective medication option that we expect to be extremely well received by both prescribing physicians and patients," Darryl said.
Just after midday AEDT, MGC Pharma shares are up 6.25 per cent and trading for 3.4 cents each. The company has a $46.62 million market cap.