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MGC Pharmaceuticals Ltd

MGC Pharmaceuticals aims to develop new medicinal cannabis strains

The new research builds on the company’s existing programs in Europe.

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MGC is targeting first sales by Q3 2017

MGC Pharmaceuticals (ASX:MXC) has signed an agreement with the University of Ljubljana in Slovenia to commence a 3-year comprehensive botanical research program.

The goal of the research program is to create medicinal cannabis strains tailored for specific medical indications, including epilepsy, chronic pain, as well as the side effects of cancer.

MGC’s shares were last trading 16% higher intra-day on Monday, at $0.05.

To facilitate the research program, the biotechnical faculty of the university has been granted a full medical cannabis license from the Ministry of Health of the Republic of Slovenia.

The license allows the faculty to grow and conduct botanical research with MGC Pharmaceuticals in Slovenia for all strains of CBD and THC medical cannabis.

The research program will focus on developing new, improved varieties from MGC’s proprietary strains and to develop efficient cannabis breeding methods based on modern scientific approaches.

The results of the research are expected to yield new genetic intellectual property relating to medicinal cannabis strains.  The new varieties will be registered in the European Union.

It is likely that when medicinal cannabis is legalised in European countries for medical purposes, only registered varieties of medical cannabis will be allowed to be cultivated.

The new intellectual property is expected to give MGC a competitive advantage for future breeding programs and its ongoing growing operations in Europe.

The new research builds on the company’s existing medicinal cannabis research program being conducted in the Czech Republic.

MGC is targeting full commercialisation and first sales of its DermaPlus product range in Europe by Q3 2017, for the relief of irritated/inflamed skin conditions due to acne, seborrhea or psoriasis.

Quick facts: MGC Pharmaceuticals Ltd

Price: $0.04

Market: ASX
Market Cap: $53.3 m
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