MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Partners with HempStreet, an Indian retail venture in the medical cannabis sector. The agreement will give MGC access to the Indian market through HempStreet's distribution networks and institutional partnerships. MGC's CimetrA product will be the first offered in India to help patients with post- or long-Covid symptoms.
Phase II trials have shown CimetrA to be effective at arresting cytokine storm, a symptom of Covid-19, company says. Partnership will also accelerate HempStreet's transdermal delivery technology for cannabinoids to launch outside of Asia, using MGC's distribution networks In Australia, UK, Brazil, and Ireland.
"Entry into significant global markets such as India is paramount to MGC Pharma's agenda, advancing phytomedicine adoption globally. India has a long-established and government-supported Ayurvedic healthcare system, and working with HempStreet to facilitate access to our proprietary phytomedicines such as CimetrA and CannEpil and the new formulations on the pipeline, is crucial to gaining a foothold in this market," says MGC Co-Founder Roby Zomer.
Current stock price: 1.31 pence, up 5.1% on Wednesday
12-month change: down 61%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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