MGC Pharmaceuticals continues to put the building blocks in place for its seed-to-pharmacy medicinal cannabis business. It has received its first formal purchase orders for CannEpil in the UK, and has already received repeat orders from new distributors in Australia. It recently appointed distributors for Brazil, Germany, Austria and Switzerland. Its Phase II study of CogniCann in dementia is recruiting faster than expected. Preliminary approvals are in place for its Malta production hub, but it will need to raise funds for construction. We adjust our valuation to A$157m (vs A$135m).
