Cannabis company MGC Pharmaceuticals Ltd storms higher

The MGC Pharmaceuticals Ltd (ASX: MXC) share price has been a solid performer on Wednesday.

At the time of writing the cannabis company’s shares are 4.5% higher at 11.5 cents.

What happened?

This morning the company announced that its range of MGC Derma and Derma Plus products has been officially launched on leading global online cosmetics store, Cult Beauty.

According to the release, 15 of its cannabidiol cosmetics products, which have been developed for the relief of highly inflamed and irritated skin conditions, are now being sold on the UK-based beauty site.

The products are available to its UK customers and customers around the world, as legally permitted.

Management has advised that a six-month exclusive marketing campaign led by Cult Beauty will be undertaken to support the release of the range. On top of this, feature articles have been secured in leading fashion industry publications.

As Cult Beauty is regarded as an expert curator and trend dictator, investors appear to be optimistic that this could generate significant revenues in the future.

The company is not the only one in the cannabis space looking at skin care. Botanix Pharmaceuticals Ltd (ASX: BOT) just raised $15 million to support the clinical trial of its cannabis-based acne treatment. Initial trials of its treatment have proven to be very promising.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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