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MGC Pharma reports increasing revenue

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MGC Pharma (ASX: MXC) recently provided an update on non-pharmaceutical operations, reporting revenues reaching over AUD 850,000.

Last year, MGC Pharma sold their Derma subsidiary to CannaGlobal in exchange for cash, equity and a five-year supply agreement. This recent announcement by MGC Pharma indicates that the first round of payments under the supply agreement are coming in, with around $250,000 received from a $700,000 purchase order.

Also last year, MGC signed a supply agreement with Mabsut, a European medicinal products distributor, securing an additional $1 million in annual sales, of which over $170,000 was received in Q1 of 2019.

Lastly, the recently announced nutraceutical supply agreement to China with YuShop Global is advancing with a Beta test in 4 major Chinese cities, allowing the company to fine-tune their marketing strategy before launching country-wide in July.

All these revenues provide MGC Pharma a strong underlining financial position with secured regular payments, allowing the company to focus on developing their Pharma operations.

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Blaise Bratter
Blaise Bratter is the Chief Contributor to CannabisIntel. Being involved in the Australian cannabis industry since legalisation in 2016, he is now Operations Manager for ASX listed company MGC Pharmaceuticals.

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