MGC Pharma shares plans for high intensity cannabis, page-32

For company that does not have a lot of success stories or experience as you say, they are certainly kicking a lot of corporate goals...

First revenues During the June quarter MGC Pharmaceuticals generated its first revenues from its exclusive Californian distribution deal with C&M CBD HOLDING of €30,000 (approximately AUD$45,000), representing a 10% deposit on their first order valued at €300,000 (approximately A$460,000).
In addition, first sales revenue was delivered via the Company’s online shop launched during the quarter.

Senegal gold assets MGC Pharmaceuticals continued its discussions with interested parties to divest the remaining assets from Senegal Gold during the quarter. An outcome is expected in the coming months.

Strong cash position The Company had cash at bank of ~$7.9 million as at 30 June 2016. The cash position includes the funds raised in the $5 million Placement and $2.5 million Priority Offer. The Company’s net cash position is ~$6.9m.

Operational Update First crops planted in Slovenia MGC Pharmaceuticals successfully planted its first test CBD crops in the Company’s cannabis growing farm operation in Slovenia, during June 2016. The test crop will be used to evaluate the best soil and growing conditions needed for high CBD Cannabis Sativa L cultivation and production, for use by MGC Pharmaceuticals as future cosmetics and medicinal raw materials.

The Company remains on track to deliver its first full scale European CBD harvest in 2017, with its first commercial CBD extract production to follow. The Company is now planning to commence the construction of its GMP/GLP CBD extraction facility in Slovenia in the December quarter.