MGC Pharma Executes Czech Republic Medical Cannabis Deal

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A SX-listed MGC Pharmaceuticals has executed a new and materially better binding heads of agreement to acquire Czech-based medical cannabis company Panax Pharma in a move likely to be a big boost to MGC’s production and research capabilities.

In an update to the market on Thursday, MGC said that following due diligence it had executed the revised acquisition agreement, which would see the Perth-based company acquire up to 100 per cent of Panax –a highly connected player in the Czech Republic’s medicinal cannabis industry.

Importantly, Panax holds research access rights to the Czech Republic’s Institution of Experimental Botany of Academy of Sciences, which has a cannabis breeding licence from the Ministry of Health in the Czech Republic. The new deal gives MGC Pharma access to these facilities for its medical cannabis research.

The acquisition, which enables MGC to commence research operations in January 2017, also means the company will likely be able to...

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