ASX-listed medicinal marijuana group, MGC Pharmaceuticals, has successfully shipped its first tetrahydrocannabinol, or “THC” line of Mercury Pharma medicinal products to Brazil through its supply and distribution agreement with Sao Paulo-based ONIX Empreendimentos e Participações.
Brazil offers a significant growth market for MGC Pharma, with about 10,000 patients suffering various medical conditions who are currently registered with the Brazilian authority, ANVISA, to receive cannabinoid products directly.
MGC Pharma struck an initial seven-year supply deal with ONIX earlier this year. The deal involves an agreed minimum order volume of 20,000 units in the first year with an estimated value of at least €1 million.
The minimum order volume from year two onwards is 50,000 units per annum with an estimated value of at least €2.5 million a year.
According to Perth-based MGC Pharma, it has become the first company globally to ship high-THC formulations directly to a patient’s door in Brazil, without the need to visit a pharmacy, once they have a prescription written by an ONIX referring doctor.
ONIX, which currently has more than 100 referring doctors in Brazil who can prescribe cannabinoid products under the country’s compassionate use program, is looking to have more than 300 referring doctors by the end of this year and more than 1,000 by mid-2021.
This is an incredible achievement as no other company has shipped high-THC formulations directly to patients in Brazil before. We have been working closely with our Brazilian partner ONIX and remain confident that Brazil will be a huge strategically and commercially important region for us going forward. Feedback to date from patients in Brazil has been extremely positive and we are seeing rapidly increasing demand for our Mercury Pharma products.
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.
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