MGC Pharmaceuticals has signed an binding agreement with laboratory supplier, Mikro+Polo, to be the exclusive source of phytocannabnoid active pharmaceutical ingredients for Mikro+Polo customers in Slovenia, Croatia and Bosnia. The price will be determined based on the underlying market price which is currently over €60 (~ $66.97 USD). This deal will enable MGC Pharmaceuticals to supply the ingredients necessary for other organizations to produce product for and conduct clinical trials of cannabis-based treatements. It also opens the door for MGC to supply active pharmaceutical ingredients for larger scale manufacturing down the road.
Mikro+Polo is the largest is the largest Slovenian supplier of laboratory accessories, equipment, chemicals and diagnostics. Its customers include research institutions, academies, government agencies and laboratories across Slovenia, Croatia and Bosnia.
In Monday's trading on the ASX, shares of MGC Pharmaceuticals were down 2.08%, closing the day at $0.0470 AUD. Trading volume on the ASX today was more than double the company's 30-day average volume. On the OTC Markets shares of MGC haven't traded today. At the time of this writing, MGCLF is currently bid at $0.036 and offered at $0.0366.
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