MGC Pharmaceuticals Ltd
(ASX:MXC) has received US FDA approval in relation to its cannabis-based cosmetic range, MGC Derma Anti-Ageing.
The FDA approval allows the company to sell its products throughout all American states – even where Medicinal Cannabis has not been legalised yet.
The company also recently gained approval to sell its cannabiodoal cosmetics products throughout the European Union.
MGC also says that it signed its first US sales take off agreement for the exclusive distribution of its cosmetics in California, and expects the first year contract value to be around $2.4 million.
MGC Pharmaceuticals reported a net loss of $3.4 million at 31 December 2015.
