(Alliance News) - MGC Pharmaceuticals Ltd on Wednesday said it faces 23 infringement notices worth AUD306,960, around GBP185,470, for contravening therapeutic goods advertising laws.
Shares in the Perth, Australia-based medicinal cannabis company were down 6.9% to 0.84 pence each in London on Wednesday around midday.
MGC said that a delegate of the secretary of the Australian Government Department of Health & Aged Care on Tuesday advised the company of a decision to issue 23 infringement notices totalling AUD306,960.
The fine is based on the belief that MGC had contravened therapeutic goods advertising laws in its promotion of medicinal cannabis products on its website and its social media platforms.
MGC said it has fully cooperated with Australia's Therapeutic Goods Administration to remedy the issues raise. This includes the removal of all posts of concern from its social media channels, some of which were third-party posts, and placing the company's website into maintenance, it noted.
The company added that the website will be live again in November following a rebranding, with new internal guidelines implement to prevent a repeat.
By Sophie Rose; sophierose@alliancenews.com
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