(MGC Pharma's MD Nativ Segev and CEO Roby Zomer Inspecting Plants, Image Credit: MGC Pharma)
On Monday, MGC Pharmaceuticals Ltd. (ASX:MXC) (OTC:MGCLF) released an update on their botanical (cannabis) division's operations in Europe and Australia.
Here's some of the highlights.
In the Czech Republic, the company has successfully transferred 470 plants to their outdoor greenhouse facility. MGC Pharmaceuticals has a partnership with the Czech Government’s Institute of Experimental Botany to cultivate cannabis for botanical and clinical research.
In Slovenia, MGC Pharma through its local partner, the University of Ljubljana has planted seeds for their development of strains tailored to the symptoms of specific conditions. The company has also planted an outdoor crop of high CBD cannabis that they expect to harvest in October.
In Australia, the company is making progress in their partnership with the Royal Melbourne Institute of Technology to establish the Joint International Library of Cannabis Medicine. The library will contain a proprietary genetics database of cannabis strains as well as their medicinal indications. Additionally, MGC Pharma expects to submit its license application to begin cultivation in Australia in the coming weeks.
MGC Pharmaceuticals' Managing Director, Nativ Segev
"Our operations are progressing well within the Company's Botanic Division, with early signs of successful crops boding well for our research projects and our raw material production. We expect this season's crops to bring us further insights into how to enhance both our genetics and maximize our harvest, giving us a strong competitive advantage. "
Since the announcement Monday, shares of MGC Pharmaceuticals are up roughly 4%. Year to date, shares of MGC Pharmaceuticals are up more than 11%. This puts them in the middle performance wise versus their cannabis related peers on the ASX.
View the original ASX announcement here.
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