ASX pot-stock, MGC Pharmaceuticals (ASX:MXC), today revealedit...

ASX pot-stock, MGC Pharmaceuticals (ASX:MXC), today revealedit has been awarded a contract by the Maltese government to construct a state-of-the-art medical cannabis production and cultivation facility spanning 4,000 square metres.

Following a competitive tender, MXC has emerged as one of only five companies — and the only one from Australia — to be awarded a full medical cannabis production and cultivation contract.

Having recently raised A$5 million (before costs) via a share placement to sophisticated and professional investors of 7 cents per share, MXC is nicely positioned to establish the production facility in accordance with the new contract.

This is a pivotal milestone for MXC, and comes on the heels of another high-impact announcement: MXC’s production of the first batch of CannEpil™,following the receipt of its interim Good Manufacturing Practice (GMP) certification.

Under the agreement, MXC will be able to produce all THC (tetrahydrocannabinol) and CBD (cannabidiol) strains of medical cannabis at the facility. This expands MXC’s commercial opportunity to develop additional medical cannabis pharmaceutical products into key European and global markets, which derive benefits from both THC and CBD.

Pot produced at the facility will be used in the production of MXC’s Good Manufacturing Practice (GMP)-grade pharmaceutical products for major global markets including Australia, and will enable the supply of medical cannabis flowers directly into the emerging European markets, including Germany.