Ann: Half Yearly Report and Accounts, page-2

My key takeaways.

1) We've still made no money from derma. Heres the breakdown for revenue:

Cash flows from operating activities
Receipts from customers 5,439 -
Interest received 47,106

2) Still no clarity from management re moneys received for the europe deal, despite writing this:

"During the period, MGC Pharmaceuticals received its first European sales order of approximately AU$65,000 from its Czech Republic distribution deal with Czech Medical Herbs s.r.o (CMH). Via CMH, the MGC Derma range is being distributed at over 80 retail outlets across the Czech Republic. The agreement with CMH is worth approximately €320,000 (~AU$500,000) in gross sales per annum.

Following the recent US Federal election result, and subsequent strong indications of a change in federal and DEA policy towards medical cannabis and hemp products, the Company has adhered to legal advice deciding it was appropriate to delay its planned formal launch of the MGC Derma cosmetics range in California, and for the other key markets in the USA. The Company is currently reassessing its USA sales strategy for its Derma range to ensure it remains fully compliant with all US state and federal laws, including how to best deliver into its commercial contract with its Californian partner, and other potential distribution agreements negotiations that were materially advanced in other major US states."

They seem to keep trumpeting this deal despite no money actually coming in per any reports.

3) This is the one i've been waiting for and want more focus/explaining on:

"Wholesale Cannabinoids Extraction and Growing Operations
The Company expects the imminent activation of its wholesale Cannabinoid extract sales channel. MGC Pharmaceuticals intends to sell API Cannabinoid extract from its Slovenian extraction facility, which is on schedule to be completed during Q2 2017."

4) They're still spending money like it is going out of fashion.

All IMO.