Earlier this week, MGC Pharmaceuticals Ltd. (ASX:MXC) (OTC:MGCLF) announced the company has obtained a full medical cannabis license through its three-year botanical research partnership with the Biotechnical Faculty of University of Ljubljana in Slovenia.
The research program aims to develop strains tailored for specific indications including epilepsy, chronic pain, and chemotherapy related side effects. The program will be led by Dr. Jana Murovec, Dr. Marko Flajsman and Professor Borut Bohanec. In order to facilitate the research, the Faculty has been granted a full medical cannabis license from the Slovenian Ministry of Health.
This partnership expands on MGC Pharmaceuticals previously announced research partnerships with Panax Pharma (5 year breeding license held by their partner university, the Institute of Experimental Botany of the Academy of Sciences of the Czech Republic) and their partnership with the Royal Melbourne Institute of Technology.
Market Reaction
Since the announcement Monday, shares of MGC Pharmaceuticals are roughly flat after reversing all of Monday's gains in Tuesday's trading on the ASX. Year to date, shares of MGC Pharmaceuticals are also roughly flat, significantly underperforming many of their cannabis related peers on the ASX.
View the original ASX announcement here.
Conclusion
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