MGC Pharma delivered consecutive record week-on-week sales and revenue growth through September and October exceeding A$225,000 in the past four weeks.
The European based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines saw very strong growth in sales, up more than 65 per cent to over 7,000 units since June 30, 2020.
The sharp rise has been attributed to the formal launch of its affordable Mercury Pharma product line into the Australian and Brazilian markets, and the Australian Import Licence granted to the company in July. This licence allows for the direct importation of any MGC Pharma Schedule 4 and Schedule 8 medicinal cannabis products into Australia.
MGC Pharma chief executive and managing director Roby Zomer said: “It is increasingly brought to our attention that one of the major inhibiting factors for patient access to medicinal cannabis in Australia, and globally, is the high price point that comes with high-quality medications that are not covered by insurance.
“We are constantly streamlining our operations in order to lower our overall cost base, to ensure we can meet our obligation to increase patient access to affordable, high-quality medicinal cannabis products. We are seeing the results of this strategy through the increase in patient demand and sales volumes,” said Zomer.
While the domestic order pipeline is strong through until at least the end of 2020, there are also increasing orders from both Brazil and the UK, with the company on track to achieve record sales for the December quarter.
Expansion of the Mercury Pharma product line to include the entire range, combined with a more affordable price point for the products, has led to a strong increase in demand through numerous channels including Australian medicinal cannabis distributor Cannvalate.