As company shareholders, this doesn't mean that we should accept...

As company shareholders, this doesn't mean that we should accept late payments without explanation, simply because that's 'just how it is'. The company made statements indicating that the first deposit would be received within days of receiving the binding purchase order.

Dated 14 Nov 17:
Under the headline; 'First Varm Cosmo Binding Purchase Order Received'
'MGC Derma confirms receipt of its first formal purchase order from Varm Cosmo for cannabidiol (CBD) cosmetic products under their first $8m binding agreement, on schedule per the announcement of 30 October 2017
First material revenues to be received by MGC Derma within days, with the full $1m
deposit under the $8m binding agreement on track to be received in November'

Dated 18 Dec 17:
'Varm Cosmo first binding agreement continues on track following recent delivery of new bulk samples'...
'The Company is focused on first completing the operational and production requirements of the first binding contract, and secondly advancing negotiations for additional binding contracts contemplated for key Asian markets'.

If the initial payment was not forthcoming as expected, then the company should update the market accordingly IMO, otherwise they shouldn't make such statements in the first instance.
I accept that things go awry in business and timelines are not always explicitly adhered-to. There may well be a totally plausible and acceptable explanation, but as shareholders we are entitled to know the facts, especially as company announcements potentially influence investor decisions, and thereby the company share price.

The management referred to this Varm Cosmo deal as a 'transformational company making deal', and that 'MGC Pharmaceuticals’ is set to become Australia’s first listed Medical Cannabis Company to generate significant revenues, expected to be in excess of $3m dollars in monthly sales'. After these price sensitive statements were released with the ASX announcement dated 20 Oct 17, informing the market of the '$40 Million White-Label CBD Cosmetics Agreement Executed with Korean Cosmetics Manufacturer', the share price effectively doubled on that day of trade. Therefore price sensitive information should always be accurate and current. Any changes or developments should be accurately relayed to the market IMO.