ASX-listed medical marijuana player MGC Pharmaceutics has stepped out of the box a little to launch its “MGC Nutraceuticals” product, a cannabis-based vegan vitamin supplement for dieters that comes in a variety of flavours in both capsule and powder form.
The Perth-based company said in a market update this week that MGC Nutraceuticals will target the high-end global dietary supplement market said to be worth over US$550 billion.
MGC’s latest product coup comes less than a week after the company announced it was on the brink of receiving official approval for its European cannabis production and manufacturing facility in Slovenia, having received an interim “Good Manufacturing Practice” licence in January. The company said its diet and vitamin product meets strict European Union guidelines
According to company management, MGC Nutraceuticals’ seven premium products comprise four supplements and three food grade products in a variety of flavours including natural, forest fruit, blueberry, vanilla and chocolate.
The company said, “The products contain high-grade phytocannabinoids which have been grown, extracted and processed under the company’s strict quarantine control guide lines and standards, alongside natural vegan proteins and vitamins,”
The powdered product comes as a ready-to-mix drink supplement based on hemp proteins and cannabidiol developed to “promote normal immune system function, improve stress protection and maintain muscle and bone structure...”
MGC also said the products meet strict European Union guidelines, with all claims made in accordance with the main EU legislation for the use of health claims on foodstuffs.
Roby Zomer, co-founder and CEO MGC Pharma, said, “MGC’s Nutraceuticals range taps into the large and growing health supplement market, providing a CBD and hemp protein-based range of products to consumers that believe in the health benefits derived from CBD and hemp. Our expansion into this complementary market leverages our existing capabilities, including our IP, manufacturing facilities and marketing distribution, meaning we have been able to develop an entirely new range of products for an entirely new market, with minimal additional investment.”
The new products give MGC an edge in the burgeoning medical cannabis market place that is constantly widening as global legislative reforms continue to acknowledge marijuana’s usefulness for medical purposes.
Cannabis use for recreational purposes remains illegal in all states and territories, however the drug’s use for medicinal purposes is allowed throughout Australia via prescription for a variety of treatments ranging from epilepsy to cancer, HIV/AIDS and multiple sclerosis.
In Europe Austria, the Czech Republic, Finland, Germany, Italy, Portugal, Poland, Spain and Greece have all authorised marijuana for medical use. A number of European countries are drafting laws to follow suite with Greece and Ireland reportedly on the verge of passing bills this year.
