MGC Pharmaceuticals has announced the completed sale of its MGC Derma arm to CannaGlobal, a private Canadian investment company.
CannaGlobal has acquired MCG Derma, the company’s cannabis-based cosmetics arm, under a forma definitive agreement. MGC has also received CAD $500,000 for the supply of an order as part of a five-year agreement. This will incorporate the supply of cannabidiol, intellectual property and cosmetics materials in order for CannaGlobal to manufacture MGC Derma’s product range.
Roby Zomer, MGC Managing Director, said, “This is a significant milestone in our strategic partnership and the sale of 100% of Derma to CannaGlobal, enabling MXC to focus on its core business to become a leading medical cannabis Bio-Pharma operator in Europe.”
Following completion of the acquisition, MGC hold a 10 percent stake in CannaGlobal, while the company will no longer be required to fulfil further MGC Derma working capital requirements.