Executive Chairman’s Letter to Shareholders
– Melbourne’s RMIT and the University of Ljubljana and the
Company’s ongoing plans to expand its cultivation of raw
materials, production and manufacturing capabilities.
MGC Pharmaceuticals’ vision remains to become a leading
Bio-Pharma company with operations in Europe and Australia.
Having made great strides to achieve this, the Company has focused
heavily on European development and here, the Pharma division’s
progress has been exponential.
The Company was recently awarded a full Good Manufacturing
Practice (GMP) licence for its European Production and
Manufacturing facility in Slovenia, following production of its rst
commercial batch of epilepsy medicine, CannEpil™. Receipt of this
certication has advanced MGC Pharma towards the nal stages
for commercialisation which will follow the completion of nal tests,
CannEpilTM becoming available for supply in Australia under the
Authorised Prescriber Scheme by the TGA, and its nal validation.
In a European milestone, MGC Pharmaceuticals’ delivered on its
core seed-to-pharma strategy and was one of the rst companies
to be awarded approval from the Maltese Government to establish
its second production and manufacturing facility, in Malta. The
Company was then granted a 4000m2 plot of land on which to
construct the facility, by Maltese Enterprise. This followed recent
legislative changes on the production of cannabis for medical use and
has signicantly advanced the project.
During 2017, the rst crop was planted at the Company’s Czech
Republic facility and owers from this crop were harvested and
processed with cannabidiol (CBD) was successfully extracted. This
cannabidiol is used within the Company’s premium Nutraceuticals
and Derma product ranges symbolising the Company’s growing
Subsequent to the year-end, the Company signed a binding term
sheet to sell 100% of MGC Derma to a Canadian private cannabis
investment company. This is a transformational commercial
transaction for the Company, which has built the MGC Derma CBD
brand to be a leader in its market.
The completion of the transaction will enable Management
to focus on its core business, to become one of the leading
Bio-Pharma operators in Europe.
Management continues to focus its team and resources into the
development of MXC’s European operations and has a clear strategy
for commercialisation to target the strong growth in demand for
medicinal cannabis products globally.
Subsequent to the year end, the Company achieved a signicant
milestone as CannEpilTM became available for supply in Australia,
following receipt of Human Research Ethics Committee
endorsement from St Vincent Hospital Melbourne. This means the
drug resistant epilepsy medicine can now be prescribed to patients
by registered doctors under the TGA’s Authorised prescriber
Scheme, which will generate MXC’s rst material revenues from it’s
CannEpilTM is expected to be available for supply in Australia
by December 2018 and represents a landmark reached for the
Company as it signies progress made towards becoming a
Oh behalf of the MGC Pharmaceuticals’ Board, I would like to take
this opportunity to thank all of our shareholders for their continued
and unwavering support throughout the 2018 nancial year and I
look forward to another year of strong operational progress as we
revolutionise the global medicinal cannabis industry.