An older article but maybe clear the fog a little... (a pun)
FINANCIAL REVIEW 2015
Aussie 'pot stock' MGC Pharmaceuticals wins license to grow marijuana
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The most recent "pot stock" to trade on the ASX, MGC Pharmaceuticals, has become one of the first local players to be granted a license to grow marijuana for medicinal purpo
by Jessica Sier
An Australian pharmaceutical company, the most recent "pot stock" to trade on the ASX, has become one of the first local players to be granted a license to grow marijuana for medicinal purposes.
MGC Pharmaceuticals, which is operated out of Israel, will be allowed to grow, process, import and export cannabis from Slovenia, where the government has legalised the practice.
Fellow Australian cannabis producer, AusCann, secured permission to grow and export marijuana on Norfolk Island in May. The difference between the two producers is MGC hopes to produce a product for the cosmetic industry whereas AusCann is targetting pain relief.
MGC Pharmaceuticals recently struck a reverse takeover deal with Erin Resources in the hopes of transforming the languishing gold-explorer into a cannabinoid resin producer.
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MGC Pharmaceuticals managing director Nativ Segev said receiving the licenses was a key milestone for the company. Supplied
MGC Pharmaceuticals has received two licenses from the Slovenian Government, the Ministry of Agriculture and The Ministry of Hemp and Poppy Control in the region, allowing the business to grow, process and trade Cannabis Sativa L (Hemp) and its products, including Cannabidoil (CBD) resin, in Europe.
CBD has no psychotropic properties, unlike its popular cousin Tetrahydrocannabinol (THC). In the global market, CBD typically sells for between $US50,000 to $US70,000 ($65,000 to $92,000) a kilo.
A key milestone
"Receiving these licenses is a key milestone for MGC," said managing director Nativ Segev. "The ability to both grow and process the Cannabis Sativa (Hemp) on site at the facility in Slovenia sets the business apart from other pure growers in the region and significantly de-risks the businesses path towards near-term commercialisation."
Despite the rush to list medical marijuana companies on the ASX - MGC Pharmaceuticals is the third - the production of cannabis and domestic therapeutic usage is still illegal in Australia, meaning the companies are conducting their actual business anywhere but here.
PM support
Prime Minister Tony Abbott threw his support behind the legislation of cannabis for medical purposes, in letter to talkback radio host Alan Jones last year.
"I have no problem with the medical use of cannabis, just as I have no problem with the medical use of opiates," Mr Abbott wrote in a letter dated August 23 and reported by Fairfax at the time.
"If a drug is needed for a valid medicinal purpose though and is being administered safely there should be no question of its legality. And if a drug that is proven to be safe abroad is needed here it should be available.
"I agree that the regulation of medicines is a thicket of complexity, bureaucracy and corporate and institutional self interest."
An older article but maybe clear the fog a little... (a pun)...
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