MGC banks $60m cannabis deal
There has been a flurry of pot deals on the ASX
The company attempting to backdoor list cannabis play MGC Pharmaceuticals this morning announced it had entered into a $60 million offtake deal with European cosmetics company Natura Laboratories.
Erin Resources shares bounced 0.3 cents to 2.2 cents on the news, which will see MGC supply the pharmaceutical for a minimum supply of 300kg of resin per year for a four-year minimum term.
It claimed it is the first first ASX-related cannabis or hemp company to sign a wholesale cannabis supply contract
The company, which plans to supply Cannabidoil (CBD) resin extract from its growing operation to be established in Slovenia, “pursuant to recent license approvals”. said it would accelerate its production to produce revenues the second or third quarter next year.
Erin announced its plan to take 100 per cent of MGC last month, and just one company in...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.
420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.
Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.
Follow us on Instagram
Connect with us on Linkedin