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MGC Pharmaceuticals Ltd (OTCMKTS:MGCLF) To Import Cannabis Products To Australia After Award Of Importation License

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MGC Pharmaceuticals Ltd (OTCMKTS:MGCLF) has successfully received an Import License from the Australian Office of Drug Control, which allows the company to import Schedule 4 and 8 medical cannabis products to the country.

MGC Pharma direct importation license for cannabis products to Australia

The receipt of the license comes after the Western Australian Department of Health issued an Indent Wholesale License to the company on May 26, 2020. This license enables the company to import a variety of medicinal marijuana products from its European facility. For MGC Pharmaceuticals, this is an opportunity to enhance its operations in Australia as it will now directly import prescription-only cannabis medication under Schedule 4 as well as controlled drugs under Schedule 8 into Australia.

Previously Cannvalate and Health House International has been facilitating the importation of the products, but now the company will directly import from its European facility. The bulk importation will significantly reduce logistics and handling fees for the company and thus help save costs. Equally, it will support MGC Pharmaceutical’s business model by offering high quality and affordable medical cannabis products to patients. Also, the license progresses the MGC Pharma towards becoming a vertically integrated biopharmaceutical company with operations globally.

MGC Pharma to expand its product offerings in Australia

Most importantly, the company can now import bulk products that will be stored, distributed, and sold across Australia via its commercial channels. The company will expand its importation to include a variety of products from the Mercury Pharma brand such as MP25T (25mg/ml THC) and MP1:1 (25mg/ml THC:CBD). The company will continue working with Cannvalate as well as other partners in distributing its novel products across the country at very competitive pricing points.

MGC Pharmaceuticals managing Director and Co-Founder Roby Zomer indicated that the receipt of the importation license is a huge milestone for the company and its operations in Australia. Zomer indicated that it will result in logistic savings and thus enable the company to become cost-effective while at the same time expanding its product offerings to Australian customers.

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BUSINESS

Trade Creditors Of Nutritional High International Inc (OTCMKTS:SPLIF) Agrees To Convert Payables Into Shares And Warrants

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Nutritional High International Inc (OTCMKTS:SPLIF) entered a settlement agreement with trade creditors. As per the pact terms, the company will convert trade creditors of CAD 1.159 million into 44.253 million units at $0.025/ unit.

4 months holding period

The unitholders are entitled to receive one share and one SPW (share purchase warrant), which can be exercised on or before December 31, 2020, at $0.05/share.

The holding period for acquired shares is 4 months. CEO of Nutritional High, John Durfy, said the company is excited to complete payables’ settlement. It will help the company to enhance its capital structure.

Kruzo established PSC

Kruzo incorporated Psychedelic Science Corp (PSC) to develop and commercialize products manufactured from naturally available psychedelic compounds. Its products are targeted to treat mental ailments like addiction, depression, anxiety, and obesity.

Dr. Duke Fu joined as president of PSC. He is one of the BCNP (Board Certified Nuclear Pharmacists) in Nevada. As part of the doctorate program, he has experimented cultivation of thirty varieties of fungi. Duke is the CEO and co-founder of a premier manufacturing and cultivation company – Green Therapeutics. Nutritional High agreed to acquire a stake of 75% in Green Therapeutics.  PSC is also on the lookout for a chairman to head its medical advisory board.

PSC raises $1.035 million

PSC raised funds of $1.035 million through a private placement of 34.522 million units at $0.03/ unit.

Each unit comprises one common SPW and one common share. The share purchase warrant holder can acquire a common share at $0.05 within two years from closing this offering.

Gross proceeds for cacti-infused beverage

Commenting on the private placement, John said the deal marks an important milestone for PSC because the commercialization of psychedelics will help the company to satisfy the wellness and health goals of a wide gamut of consumers. He said the gross proceeds of this private placement shall be used to develop flagship product cacti infused and water-based functional beverage and grow business.

Nutritional High will complete the takeover of PSC soon. The science team of Nutritional High is working with Rangsit University and PSC to develop a whole plant study to identify the efficacy of psychedelic cacti micro-dosing.

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Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) Inks A Pact To Takeover Opticann Inc For CAD 5 Million

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Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) signed an agreement to clinch all outstanding and issued Opticann Inc shares for an initial sum of CAD 5 million.

Colorado-based topical and oral cannabinoid company – Opticann holds exclusive rights to sell CBG and CBD products manufactured using VESIsorb drug delivery system. VESIsorb is optimized for stability and better absorption.

Additional CAD 30 million

Heritage will also pay additional CAD 30 million in the next five years up on Opticann, achieving certain enterprise and financial milestones. MedReleaf Corp’s former executives established Opticann.

Supply and distribution accord

Opticann holds a supply and distribution pact with Geocann LLC, which holds sole rights to VESIsorb technology for flavonoid formulations, terpenes, and cannabinoids. Opticann will own the brand’s sole distribution rights and sell VESIsorb formulated topical and oral cannabigerol and cannabidiol products to prominent retailers in the US.

What is VESIsorb?

It is an innovative drug delivery system to ensure the bioavailability and stability of natural ingredients such as CBD. The results obtained from a cross-over and double-blind trial show that CBD absorption formulated using VESIsorb is significantly improved compared to cannabidiol extracts formulated using MCT oil.

Chairman of Opticann, Neil Closner, said the patented VESIsorb technology allows creating innovative CBD and cannabidiol products that excel in performance compared to other market products. The company manufactures these innovative products in its GMP certified and scalable supply chain to build brands targeting large retailers in the US. Neil is excited to welcome the team at Opticann along with its patented technology to its fold and execute the plan.

Clint Sharples said the takeover of Opticann is a prudent step because it expands the expertise and improves its presence in the US. The takeover helps the company to capture a significant share of the multi-billion CBD market in the US. He further said the company is pleased to accept Opticann into its family and embrace proven and talented team members and cannabis executives from earlier MedReleaf. Heritage will also benefit from the relationships established and experience gained in the international space because it plans to expand its presence worldwide.

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Zelira Therapeutics Ltd (OTCMKTS:ZLDAF) Inks A Pact With CSCM To Develop Products To Treat Health Risks And Symptoms In Patients With Diabetes And Cardiovascular Disease

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Zelira Therapeutics Ltd (OTCMKTS:ZLDAF) signed a deal with Cardiovascular Solutions of Central Mississippi (CSCM) to help patients with cardiovascular diseases and diabetes by offering innovative products. The new products developed using CBD derived from hemp and other cannabinoids exclusively for CSCM will address therapeutics needs related to patients with DPN (Diabetic Neuropathies) and PAD (Peripheral Arterial Disease).

Upfront license fee payment to Zelira

CSCM will pay an upfront license fee to Zelira. It will also pay royalties to Zelira on the commercialization of the products developed under this agreement. The company will also bear all the expenses related to marketing, manufacturing, distribution, and sale of US products.

CSCM holds exclusive marketing rights for all the products developed by Zelira as per this deal in the US markets. However, Zelira retains marketing rights for developed products in other markets across the world.

Several people are suffering from lower-limb amputations, adult blindness, and kidney failure in the US because of diabetes. According to CDC, of the 30 million Americans who have diabetes in the US, one among the three adults aged above 50 years develops PAD.

Peripheral Arterial Disease is the chief cause of non-traumatic amputations in the US. DPN, which is the most common health condition related to diabetes, is the chief cause of disability, mainly due to fall risks and foot ulcerations. If it is not cured in time, it could lead to limb amputation and infection as well.

The annual spending on diabetic treatment is $326 billion in the US. According to a recent CDC (Centers for Disease Control) projection, one in three people in the US will suffer from diabetes by the year 2050. Ethnic and racial minorities in the US usually suffer from higher health care costs.

CEO of CSCM, Dr. Foluso Fakorede, said the company is excited to enter a deal with Zelira to develop effective and innovative treatment options for patients suffering from PAD. This partnership’s main target is to develop and promote the treatment for cardiovascular disease and address unmet needs for marginalized communities.

Zelira will also focus on unveiling its HOPE Products and proprietary Zenivol in the international markets.

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