London-listed medicinal cannabis company inks European distribution deal
The first medicinal cannabis company to list on London’s main market has inked a distribution deal for Europe, just days after the UK ushered in new regulations.
MGC Pharmaceuticals has struck a four-year agreement with pharmaceutical services company Sciensus Rare to distribute its products in the UK and key countries within the European Union.
Products, such as MGC’s cannabinoid Epilepsy drug CannEpil and its Dementia and Alzheimer’s drug CogniCann, will also be distributed to Denmark, France, Italy, Spain and Luxembourg.
The products are cannabinoid (CBD) based, which means they contain extracts from cannabis but cannot get you high.
The London-listed firm debuted in the capital in January last year, with a valuation of £33.7m at the time.
“This is another important step in widening patient access to our pharmaceutical products, and puts in place a long term plan to build the distribution networks required in Western Europe, one of the most important pharmaceutical markets in the world,” MGC’s CEO Roby Zomer said in a statement.
It follows the UK’s Food Standards Authority publishing a list of nearly 5,000 cannabinoid products which will fall under its regulatory wing at the beginning of the month.
After a year of waiting, products which failed to make the list have been pulled from shop shelves.
The authorisation process ensures so-called ‘novel foods’ meet legal standards, including on safety and content. It also means that companies must have their traceability and toxicology reports up to scratch.