I am struggling to understand why sentiment has wavered with MXC...

I am struggling to understand why sentiment has wavered with MXC so much this month?  
The company is continuing to make strong progress, meeting its deadlines and setting the pace for other ASX listed MC businesses (MMJ etc.).  Sellers are being very myopic!

A recap of recent news:

European Commission Approves MGC Derma Cosmetics Products (11 May 2016)
- MGC Pharmaceuticals has received approval from the European Commission’s Cosmetic Products Notification Portal (CPNP), for its MGC Derma Cannabidiol (CBD) based cosmetic products

US FDA Approval of MGC Derma CBD Cosmetics Products (25 May 2016)
- MGC Pharmaceuticals has received formal US Food and Drug Administration (FDA) approval of its first 16 cannabidiol (CBD) based Anti-Ageing cosmetic products
- Marks entry into the US$11 billion US skin care market, with the Company now clear to actively market its products throughout the United States

→First US Distribution Agreement Executed for California
- Execution of MGC Derma’s first US sales order through a new exclusive distribution agreement with Californian based company, C&M CBD HOLDING LLC
- California is the largest economy in the USA, and a leader in the medicinal cannabis industry
- Products will be sold through eShop, local distributers and retail outlets across California, with an initial order of circa €1.2 million per annum and scope to significantly increase the volume and value of the contract
Discussions are underway to extend the agreement to include joint ventures focusing on genetics, growing and medicinal cannabis value add products

Health Canada Approves MGC Derma CBD Cosmetics (30 May 2016)
- Enables the Company to immediately enter the Canadian cosmetics market estimated to be worth US$1.9 billion in 2015 and to pursue distribution and sales of the products across Canada

TGA approval is expected to be handed down imminently – maybe this week?  Looking at how the market had reacted in the past, I think there will be a more favourable reaction to legislation on home soil.  Following progression towards medical cannabis legalization, in April the ASX lodged a price query after the MGC SP surged.

Just last Wednesday (15/6/16) it was announced that the first test crop of the Cannabis Sativa L strain has now been planted and will be harvested in Q3 2016, with full scale production to be underway in 2017!
http://imagesignal.commsec.com.au/d...nZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZmRlbGF5ZWQuanNw

Note that MGC is developing multiple revenue streams: wholesale CBD extract, CBD cosmetics, pharmaceuticals and medical devices sales, along with potential extraction service revenue.

http://imagesignal.commsec.com.au/d...nZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZmRlbGF5ZWQuanNw

If you take a look at the MGC Derma line, these are some clearly premium cosmetic products with a USP of containing CBD.
http://www.mgcderma.com/shop/

As soon as MGC makes an announcement pertaining to revenues from sales, I expect the spec stock territory of a few cents a share to be long gone.  Having already received regulatory approvals, commenced production and distribution with many sales agreements, the high risk period for MGC has passed.

GLTAH, especially those who have topped up at these levels!