MXC plants first CBD crop in Europe
Published 16-JUN-2016 12:15 P.M.
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2 minute read
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MGC Pharmaceuticals (ASX:MXC) has announced the successful plantation of its first medical cannabis crop at the company’s growing farm in Ljubjana, Slovenia.
The test crop of the non-psychoactive Cannabis Sativa L strain is scheduled for harvest in Q3 2016.
Measuring 5000m2 in size, the test crop will be used to evaluate optimal growing methods testing key factors such as soil type, nutrients and growing conditions.
Quality control methods such as crop testing are in line with MXC’s goal to be a market leader in the production of medical cannabis products including cosmetics and medicinal raw materials.
With MXC receiving recent FDA approval for 16 of their cannabidol based anti-ageing cosmetic products and signing their first distribution deal in the US, followed by approval from Health Canada, the company is set to enter the multi-billion dollar cosmetic market with a unique product offering.
In 2014 the global cosmetics market topped $460 billion and is expected to reach $675 billion by 2020. With increasing demand for natural cosmetic products, MXC is well positioned to catch the wave of this growing trend.
At present MXC is seeking opportunities to license out its extensive genetics, breeding and growing know-how and has begun primary discussion with potential North American clients.
PANAX Pharma acquisition
Negotiations for the key acquisition of Czech based PANAX Pharma are nearing completion, which if successfully executed would see MXC gain access to PANAX’s state-of-the-art medical research facility at the Vukoz institute.
With PANAX having a cannabis license that carries far fewer THC restrictions, MXC will be able to carry out research on higher yielding THC strains without overreaching regulations experienced in other parts of the world.
This strategic acquirement will substantially enhance MXC’s capability to develop specific medical cannabis genetics and breeding protocols, development of specific medical cannabis strains and as well as enabling MXC to develop future medicinal cannabis products.
MXC expects its first full scale harvest in 2017, with commercial CBD extract production to follow shortly after.
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