ASX-listed MGC Pharmaceuticals’ push into the global medicinal cannabis cosmetics market has received a major boost, with luxury UK retailer Harvey Nichols announcing it will stock the company’s MGC Derma and Derma Plus lines.
In a market update this week, MGC said the iconic British retailer would carry the Perth-listed company’s premium range of 18 products containing cannabidiol, the non-psychoactive ingredient in cannabis.
In what looks to be a major coup for the emerging ASX listed cannabis player, MGC said the products would be sold via the retailer’s Beyond Beauty Department at its Knightsbridge store, and on its e-commerce platform from the end of June.
The skincare products are targeted at consumers that suffer from a variety of skin conditions including redness, dryness, flakiness and oiliness and also from symptoms relating to acne-prone or blemish-prone skin.
According to MGC management, the cosmetic lines have been independently tested on human volunteers, with 92 per cent of participants saying they would use the products on a daily basis.
MGC Managing Director Roby Zomer said: “We are excited to see the MGC Derma collection gaining such traction with premium retail platforms internationally. Harvey Nichols is known for its strict selection of brands and we feel we are well positioned alongside some of the industry’s leading products.”
MGC’s Derma Plus line comprises 18 products including its Herbal Repair, Herbal Balm and Herbal Replenishment Cream. It took the company almost two years to develop the innovative marijuana-based line which it has been gradually bringing to market this year.
The deal with Harvey Nichols, one of the world’s leading luxury retailers, represents a significant milestone for MGC who is looking to carve out any part of the $265 billion cosmetics market with its cannabis based products.
MGC, who also has a medical research arm in addition to its cosmetic operations, said it expected a ramp up in sales over the coming 12 months as its cosmetic brand penetrates the high-end retail sector, courtesy of the Harvey Nichols deal.
Harvey Nichols Concessions & Beauty Buying Director Jo Osborne said: “We are continually searching for new brands that stand out from the crowd and we believe MGC Derma is exactly that and will be extremely popular with our luxury customers who are looking for the next big thing in skincare."
By Matt Birney
