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MGC hits record weekly sales growth of medicinal cannabis products

ASX-listed medicinal marijuana group, MGC Pharmaceuticals, has achieved record weekly sales growth of its Mercury Pharma medicinal marijuana product line after breaking into the Australian and Brazilian markets, delivering a 65 per cent sales volume hike since June 30 this year.

The Perth-based company says it has achieved consecutive record week-on-week sales and revenue growth through September and October, exceeding $225,000 in the past 4 weeks.

The numbers represent its best consecutive weekly sales results to date.

Whilst the company has already sold over 7,000 units across its key global markets since its Mercury Pharma product line was launched last year, it said it was on track to deliver on its stated sales objective of 5,000 units per month in the first half of 2021.

Close to 1,900 patients worldwide have now been prescribed Mercury Pharma products and a growing order pipeline for products in Australia and its new market in Brazil is set to deliver record December quarter sales and quarterly revenue results according to management.

The strong sales were achieved despite the COVID-19 pandemic and its impact on the operation of its European manufacturing facilities. MGC Pharma said its operations are structured and authorised to continue throughout the second European wave of COVID-19, despite a 30-day ‘epidemic’ being declared in Slovenia.

It is increasingly brought to our attention that one of the major inhibiting factors for patient access to medicinal cannabis in Australia, and globally, is the high price point that comes with high-quality medications that are not covered by insurance. We are constantly streamlining our operations in order to lower our overall cost base, to ensure we can meet our obligation to increase patient access to affordable, high-quality medicinal cannabis products. We are seeing the results of this strategy through the increase in patient demand and sales volumes.’

The Mercury Pharma product line is a range of prescription-based phytocannabinoid medicines which are commonly used to treat anxiety, schizophrenia, nausea, vomiting, inflammation, and epilepsy.

MGC Pharma’s recent research has highlighted the positive impact of using other, specific phytocannabinoid formulations developed by the company in the treatment of glioblastoma, the most aggressive and, so far, therapeutically resistant primary brain tumour.

NB: This article is for general financial markets news purposes only and is not to be taken as an endorsement of, or advertisement for any individual product, medicine, or drug.

Is your ASX listed company doing something interesting? Contact: matt.birney@wanews.com.au

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