Aussie 'pot stock' MGC Pharmaceuticals wins license to grow marijuana

An Australian pharmaceutical company, the most recent "pot stock" to trade on the ASX, has become one of the first local players to be granted a license to grow marijuana for medicinal purposes. 

MGC Pharmaceuticals, which is operated out of Israel, will be allowed to grow, process, import and export cannabis from Slovenia, where the government has legalised the practice.

Fellow Australian cannabis producer, AusCann, secured permission to grow and export marijuana on Norfolk Island in May. The difference between the two producers is MGC hopes to produce a product for the cosmetic industry whereas AusCann is targetting pain relief. 

MGC Pharmaceuticals recently struck a reverse takeover deal with Erin Resources in the hopes of transforming the languishing gold-explorer into a cannabinoid resin producer.

MGC Pharmaceuticals has received two licenses from the Slovenian Government, the Ministry of Agriculture and The Ministry of Hemp and Poppy Control in the region, allowing the business to grow,

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