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MGC Pharmaceuticals tops the ASX Most Traded on back of medical cannabis revenues

The company has traded over $5 million worth of stock in the first 45 minutes.

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The most active stocks in morning trade

MGC Pharmaceuticals Ltd (ASX:MXC) has traded 88 million shares in the first 45 minutes of trade, with the stock jumping 71% to $0.065.

Driving the investor momentum is details emerging that the company has signed a binding terms and conditions agreement with Varm Cosmo Inc. for its MGC Derma division to supply five of its cannabidiol cosmetic products in bulk form, to be sold to consumers as part of Varm Cosmo’s cosmetics range.

With a minimum agreed purchase quantity of 15,000 kilograms per month, the expected deal will generate circa $40 million in annual revenue for MGC Derma.

The MGC Derma division is a 51:49 joint venture with Dr. M. Burstein Ltd, of which MGC Pharmaceuticals owns 51% and holds management control.

Company Name Code Last Change Volume
MGC Pharmaceuticals Ltd MXC $0.065 71.05% 88,084,263
Australian Mines Ltd AUZ $0.053 -13.12% 65,137,946
Magnum Gas & Power Ltd MPE $0.002 100% 40,931,125
Range Resources Ltd RRS $0.002 -33.33% 38,614,460
Reffind Ltd RFN $0.016 14.29% 33,234,044
Atlas Iron Ltd AGO $0.018 5.88% 28,158,015
AVZ Minerals Ltd AVZ $0.180 12.50% 24,951,416
Lakes Oil NL LKO $0.002 0% 23,430,499
Laneway Resources Ltd LNY $0.003 0% 19,706,583
Thred Ltd THD $0.014 16.67 19,401,095

 

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