ASX-listed MGC Pharmaceuticals continues to spread its wings, signing an agreement with Germany’s Mexacare for the distribution of the company’s medical cannabis products to Germany, Austria and Switzerland.
The agreement is notable given that the German medical cannabis market alone was worth €133 million in 2018 and is estimated to grow to €7.7 billion by 2028, according to specialist market insight provider, Prohibition Partners.
In addition, Germany has an estimated 500,000 people with epilepsy and another 1.3 million with dementia or Alzheimer’s, conditions that are targeted by the company’s CannEpil and CogniCann products, respectively.
Mexacare is a medical diagnostic device supplier with an established distribution network.
MGC Managing Director Roby Zomer said: “Germany and the associated region represent a key emerging market within the wider European market.”
“I am confident that this agreement will enable us to capitalise on this extraordinary market opportunity as we effectively commercialise MGC Pharma’s products in the region via Mexacare’s established network of pharmacies and medical professionals, alongside its diagnostic technology expected to result in faster, more cost-effective prescriptions.”
MGC already has distribution agreements in place in Australia, Brazil and the UK.
This agreement would result in a list of advantages for the firm as the local supplier would save them a massive amount of their cost as well as time