THC Global Group has signed a Supply Agreement with MGC Pharmaceuticals.
"Under the Agreement, MGC Pharma will provide the Company with an immediate supplementary source of medicinal cannabis products, which will be packaged and made available to patients under the Canndeo brand," the team with the company explains. "The Company expects to launch these products in Australia and New Zealand through Q1 2020. The Agreement also provides for MGC Pharma and THC Global to collaborate on the future supply of Active Pharmaceutical Ingredients (API) extracts as well as other finished product, including from THC Global’s Southport Facility."
"Accessing an immediate supplementary source of medicinal cannabis products, enables the Company to scale up its supply to patients quicker, and offer patients a broader initial product range under the Canndeo brand. The Agreement with MGC Pharma also provides the Company with access to Tetrahydrocannabinol (THC) containing formulations complementing the Company’s current focus on producing Cannabidiol (CBD) extracts and increasing flexibility to offer new formulations of products."
According to them, as THC Global scales up production at its Southport Facility, the Company will transition its Canndeo formulations to using its own Australian produced cannabis. The Southport Facility also presents opportunities for future further collaboration between MGC Pharma and THC Global which will be considered on a bi-annual basis.
"The Company will supply the medicinal cannabis products to patients under the Company’s Canndeo brand. Initially, the Company will launch three oral liquid formulations in partnership with MGC Pharma (high CBD + low THC, balanced CBD + THC, and high THC low CBD). These products are expected to be available for patients in Australia and New Zealand in Q1 2020."
"THC Global has also received import and export licences for its Southport Facility, which enable the Company to commence supply of its own medicinal cannabis products to the global export market in addition to supplying products to Australian patients."
THC Global Chief Executive Officer, Ken Charteris, commented: “Our agreement with MGC Pharma provides THC Global with an immediate extension of our Canndeo branded medicinal cannabis product range, as well as a pathway for further collaboration with MGC Pharma taking advantage of THC Global’s Southport Facility – the largest pharmaceutical bio-floral extraction facility in the Southern Hemisphere – and MGC Pharma’s Maltese facility. We look forward to taking advantage of our market development activities in Australia, New Zealand, Canada, and Asia as we launch this new product range over the course of the next two months.”
MGC Pharma Managing Director & CEO, Roby Zomer, commented: “We are pleased to partner with THC Global to produce and supply white label Canndeo branded phytocannabinoid products. With the ever-growing use of phytocannabinoids for medicinal purposes, MGC Pharma is well placed to work with companies such as THC Global to manufacture quality and cost effective phytocannabinoid products. We expect that further discussions between MGC Pharma and THC Global on mutual exports of product to respective international markets will be beneficial to all going forward, particularly as we develop our ~15,000m2 GMP compliant pharma production and research facility in Malta.”
The Agreement has a minimum term of 18 months, including a bi-annual review towards the expansion of the Agreement to encompass further collaboration between MGC Pharma and THC Global on the production of medicinal cannabis. The first purchase order has been submitted by THC Global for ~€25,000, to be followed by subsequent orders of not less than €50,000 as and when required.
For more information:
THC Global Group
131 Macquarie St
Sydney NSW 2000
+61 (0)2 9251 7177