MGC Pharmaceuticals partners with Cult Beauty

Company News

by Kathy Skantzos

Medical cannabis company MGC Pharmaceuticals’ (ASX:MXC) European subsidiary MGC Derma has signed a sales and distribution agreement with UK-based online beauty store Cult Beauty.

The e-commerce retailer will launch 15 of MGC’s cannabis-based cosmetic products and its DermaPlus skincare range from 1 February 2018.

Cult Beauty will run a six-month marketing campaign to promote MGC Derma’s products.

The company said this year’s revenue from the deal will depend on product sales and the marketing campaign.

MGC Pharmaceuticals Co-founder and CEO Roby Zomer said the agreement with the beauty e-retailer provides the company’s Derma division with a new platform to market its growing range of cannabis-based skincare products to a diverse global cosmetics market.

Shares in MGC Pharmaceuticals (ASX:MXC) are trading 7.5 per cent higher at $0.11.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.