ASX-listed medicinal marijuana group, MGC Prescribed drugs, has efficiently shipped its first tetrahydrocannabinol, or “THC” line of Mercury Pharma medicinal merchandise to Brazil by way of its provide and distribution settlement with Sao Paulo-based ONIX Empreendimentos e Participações.
Brazil presents a major development marketplace for MGC Pharma, with about 10,000 sufferers struggling varied medical situations who’re at present registered with the Brazilian authority, ANVISA, to obtain cannabinoid merchandise straight.
MGC Pharma struck an preliminary seven-year provide cope with ONIX earlier this 12 months. The deal includes an agreed minimal order quantity of 20,000 models within the first 12 months with an estimated worth of a minimum of €1 million.
The minimal order quantity from 12 months two onwards is 50,000 models every year with an estimated worth of a minimum of €2.5 million a 12 months.
In line with Perth-based MGC Pharma, it has develop into the primary firm globally to ship high-THC formulations on to a affected person’s door in Brazil, with out the necessity to go to a pharmacy, as soon as they’ve a prescription written by an ONIX referring physician.
ONIX, which at present has greater than 100 referring docs in Brazil who can prescribe cannabinoid merchandise beneath the nation’s compassionate use program, is trying to have greater than 300 referring docs by the top of this 12 months and greater than 1,000 by mid-2021.
That is an unimaginable achievement as no different firm has shipped high-THC formulations on to sufferers in Brazil earlier than. We now have been working carefully with our Brazilian accomplice ONIX and stay assured that Brazil shall be an enormous strategically and commercially necessary area for us going ahead. Suggestions so far from sufferers in Brazil has been extraordinarily optimistic and we’re seeing quickly rising demand for our Mercury Pharma merchandise.
NB: This text is for basic monetary markets information functions solely and isn’t to be taken as an endorsement of, or commercial for any particular person product, medication, or drug.
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