Sale of MGC Derma to Strategic Partner Cannaglobal Canada Includes exclusive 5-year supply agreement to sell MXC’s CBD and raw materials
Binding Term Sheet signed with Canadian cannabis investment company, Cannaglobal, to acquire 100% of MGC Derma
MXC to sell 100% of MGC Derma for C$12.5m in Cannaglobal equity, C$2.5m loan repayment to MXC and a 5-year CBD and cosmetic materials supply agreement
To complete the transaction, MXC has acquired the remaining 49% of MGC Derma held by MGC Derma partner Dr. M. Burnstein Ltd for C$1.25m (Dr. Burnstein’s share of MGC Derma’s working capital loan (49%)) to deliver 100% of MGC Derma to Cannaglobal, facilitating this strategic transaction
Cannaglobal founders and major shareholders are leaders in the Canadian business community and cannabis industry, with a track record of building successful retail business operations both in the cannabis and general retail sectors
Cannaglobal is currently exploring opportunities to publicly list on one of the Canadian stock exchanges, which is now materially advanced
Cannaglobal will appoint a new MGC Derma CEO, Mr Hugh Winters, an experienced CEO in the global beauty sector with a track record of success
The Deal includes an exclusive 5-year Supply Agreement for the provision of MXC’s CBD, proprietary production IP and cosmetic materials to Cannaglobal
5-year Supply Agreement includes an upfront C$1 million order and payment for the initial supply of CBD and materials order, with funds to be received by MXC within 10 business days
Cannaglobal transaction allows MXC to become singly focussed on developing its GMP-grade pharmaceutical product pipeline, generate first pharma revenues and construct its large European based seed-to-pharma commercial operations in Malta
Delivers clear financial strategy and future funding outcome for MXC – allowing management to focus its resources on becoming a leading Bio-Pharma operator in the European medical cannabis industry
Shareholder approval under ASX Listing Rule 11.4 will be obtained for the disposal to Cannaglobal at the Company’s upcoming AG
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