MGC Pharma has been granted an import licence by the Australian Office of Drug Control meaning it will be able to import medicinal cannabis direct from its European production facility.

The licence allows the company to import schedule 4 (prescription-only medication) and Schedule 8 (controlled drugs) medicinal cannabis into Australia from its own facility, significantly reducing costs.

This process was previously managed by commercial partners Cannvalate and Health House International.

In a statement to the ASX, the company said the move progresses its plan to become a vertically integrated bio-pharma company with global operations.

MGC Pharma co-founder and managing director Roby Zomer added: “The granting of the import licence is very significant for our Australian operations, with the logistics savings we are able to become more cost effective and expand our product offering to our Australian customers.“

MGC Pharma will now bulk import its medicinal cannabis products for storage, distribution and sale across Australia through its commercial partners including Cannvalate.

It also plans to expand its sales team and clinic access, increasing retail profit margins alongside its distribution channels.