MGC Pharmaceuticals has finalised its buyout of telehealth provider Medicinal Cannabis Clinic (MCC).

The deal, first flagged in July this year, cost MGC A$1 million in ordinary shares and a further $400,000 in cash in exchange for MCC’s business assets, data and intellectual properties.

Established last year, MCC has quickly become one of Australia’s top telehealth medicinal cannabis clinics.

MCC currently has access to more than 600 pharmacy accounts and has, so far, facilitated more than 4,000 medical consultations through its telehealth network. MGC Pharma will incorporate the network into its own European-based phytocannabinoid-derived medicine business.

Co-founder and managing director of MGC Pharma Roby Zomer said: “This acquisition significantly improves our distribution network and supply chain capabilities and efficiencies both in Australia and internationally. The MCC acquisition enables MGC Pharma to increase the profit margin and meet our stated goal of providing high-quality cannabinoid medications to patients at an affordable price.”

MCC is in the process of obtaining the relevant state and federal licences to import and distribute MGC’s medicinal cannabis products in Australia. Once the licences are in hand, MCC will become part of MGC’s overall supply chain, expanding its presence across Australia.