MGC Pharmaceuticals Ltd (ASX: MXC) has reported positive results from all scientific and cultivation projects underway within Europe, focused on the analysis and breeding of premium cannabis plants to be used in the development and production of MXC’s medicinal cannabis products.
In the update for its MGC Botanic division operations, MGC Pharmaceuticals stated that the 2018 crop planted on its 1,100m2 Czech Republic glasshouse facility has been cultivated using pioneering cannabis genetics and has achieved all necessary milestones for harvest. The crop has been harvested yielding 700kg of biomass, 30% more flowers than the comparative 2017 crop.
As per the report, the crop is currently in storage in the Czech Republic, for imminent transportation to MXC’s extraction facility in Ljubljana, Slovenia. This follows the Slovenian Ministry of Health granting MXC with a permit to extract phytocannabinoids from cannabis flowers and generate its own natural phytocannabinoid APIs, as announced 22 January 2019.
Roby Zomer, Co-founder, and Managing Director, MGC Pharmaceuticals commented “It is with great pleasure to announce that the company has completed its 2018 harvest. The harvest has yielded 30% more flowers than in 2017, and the company is excited to begin the extraction process.”
The tetrahydrocannabidiol (THC), cannabidiol (CBD), and other phytocannabinoid will reportedly be extracted from the flowers at MXC’s Slovenian facility and used in the manufacturing of the Company’s medicinal cannabis products. Successful harvest of the 2018 crop represents another achievement that progresses the company towards commercialization by driving the research and development projects currently underway within Europe and Australia.
In a landmark achievement, MXC’s botanical research team and the University of Slovenia biotechnology team have successfully developed a new proprietary genetic strain; MXC-10. This strain offers high levels of THC and is the highest potency offering of any of MXC product launched to date. The strain reportedly contains over 35% THC and low CBD, less than 1%, allowing the company to yield high amounts of API per kg of raw material and create the most cost effective and affordable Phytomedicines.
The company informed that during 2019 MXC would start to move the cultivation activities from the Czech Republic to its new state of the art facility which will be built in Malta and will take the knowledge and propriety data which has been collected over the past three years and will implement this on a large commercial cultivation scale. MGC Pharmaceutical has also started the process of the Europe registration of four unique Cannabis Sativa strains for medical purposes which were breed in the University of Slovenia Biotechnical faculty.
Mr. Zomer concluded that “Successfully developing a proprietary, high THC strain over 35% THC, allows the Company to produce a high yield of API per kg of raw material to create the most cost-effective and affordable Phytomedicines.”
In today’s trading session, MXC shares surged up by 5% or 0.002 points to last trade at A$0.042 on 1 February 2019. The stock has seen a negative performance movement of 63.64% over last year including a plunge of 21.57% over last three months.
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