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Search Completed | Title | MGC License Approvals Set to Fast Track Commercialisation
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Text | MGC License Approvals Set to Fast Track Commercialisation | 001
11 June 2015
ABN 30 116 800 269
Level 7, 1008 Hay Street Perth WA 6000 PO Box 7209 Cloisters Square WA 6850
Ph +61 8 9389 2000 Fax +61 8 9389 2099 email@example.com
MGC License Approvals Set to Fast Track Commercialisation
• MGC Pharmaceuticals (MGC) granted key commercial licenses to grow, process, import and export Cannabis Sativa L (Hemp) and its products, including Cannabidoil (CBD) resin in Slovenia, Europe
• MGC becomes the first ASX related vehicle to be granted a Cannabis Sativa L (Hemp) growing license and licences to sell CBD resin into the European Union (EU)
• First company in Slovenia to have a license to extract CBD resin on site and sell direct into EU
• Facilitates immediate commencement of operations in Slovenia, with initial production and
extraction of CBD resin from crops now expected in late 2015
• Approval of licenses fast tracks MGC’s commercialisation and business model– cashflow breakeven
now expected within 12 months and revenues in excess of US$10m expected from the first year of
full production in Slovenia, CY2017
• Positions MGC to become an extraction facility for other growing operations in the region
• Negotiations significantly advanced for major off-take agreement with European distributor
Erin Resources (ASX:ERI or the Company) is pleased to provide an update on the progress of MGC Pharmaceuticals Limited (MGC) following the announcement on 18 May 2015 that is has entered into a binding heads of agreement with the option to acquire 100% of the issued capital of MGC.
MGC has received two licenses in Slovenia, Europe permitting the business to grow, process and trade Cannabis Sativa L (Hemp) and its products in Europe.
The first license enables MGC to establish a growing operation in the region. Importantly, the license allows MGC to produce an unlimited amount of Cannabis Sativa L. Further to the license to grow the Cannabis Sativa L MGC has also been granted a license to extract and export the Cannabidoil (CBD) resin from the Cannabis Sativa L at the growing facility.
The licenses have been issued by the Slovenian Government, The Ministry of Agriculture and The Ministry of Hemp and Poppy Control in the region.
The ownership of both licenses makes MGC the only company operating in Slovenia with the ability to both grow and extract Cannabis Sativa L and its product on site at the same facility. Up until now companies have been required to export the raw Hemp product to other countries, primarily Switzerland for processing.
The ability to both grow and process an unlimited amount of Cannabis Sativa L in Slovenia provides MGC with a number of avenues to commercialise its growing operation. Importantly, MGC is now positioned to meet supply of CBD into off-take agreements, providing the core ingredient required for cosmetic and medical products, potentially MGC’s own product range and to become an extraction facility for other growers in the region, which leverages the extensive extraction and processing know-how of the management team.
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