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MGC Pharmaceuticals halted ahead of news on ArtemiC safety and toxicity pre-clinical study results

The company creates premium phytocannabinoid-based products from its GMP facility in Europe that can be used to treat patients suffering from a variety of symptomatic conditions.

MGC Pharmaceuticals Ltd - MGC Pharmaceuticals in in trading halt ahead of ArtemiC safety and toxicity pre-clinical study results
The halt is in place until Friday, July 24, or when an announcement is released to the market

MGC Pharmaceuticals Ltd (ASX:MXC) is in a trading halt ahead of an announcement in relation to safety and toxicity pre-clinical study results on AtremiC.

The trading halt will remain in place until the start of regular ASX trading on Friday, July 24, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 2.4 cents and are up from 2 cents at the market close on July 1.

Move to acquire medicinal cannabis clinics

MGC Pharma this week announced that it intends acquiring 100% of the operating clinic-based assets, data and intellectual property of Medicinal Cannabis Clinic Pty Ltd (MCC). 

The company has signed a binding term sheet with Cannvalate Pty Ltd to acquire its wholly-owned subsidiary MCC.

As well as being one of Australia's leading medicinal cannabis clinics, MCC has an extensive doctor and patient network.

A new company will be incorporated to hold all the MCC assets which will be wholly-owned by MGC Pharma.

This would move MGC Pharma’s Australian supply chain to the new company, allowing the company to continue providing increasingly affordable cannabinoid medications though the focused reduction of importation, storage and distribution costs per unit.

Quick facts: MGC Pharmaceuticals Ltd

Price: 0.022 AUD

ASX:MXC
Market: ASX
Market Cap: $34.84 m
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