Cannabis producer MGC Pharmaceuticals Ltd (ASX: MXC) has released a 'Botanical Update' to the market this morning in which it provided information about its 2018 crop and new strain development. The MGC share price is up 5% at the time of writing.
A summary of the announcement is provided below:
- The 2018 crop, cultivated in Czech Republic, yielded 700kg of biomass and 30% more flowers than the 2017 crop.
- The crop is awaiting transportation to MGC's extraction facility in Slovenia. The company recently received a full extraction permit issued by the Slovenian Ministry of Health, allowing it to develop phytocannabinoids for its medicinal products.
- Cultivation operations are on track to be moved during 2019 from Czech Republic to MGC's larger scale Malta facility currently in development.
- MGC's research team has developed a new strain called MXC-10, offering the highest levels of THC (>35%) of all MGC strains.
- The company has started the Europe registration process for four new strains.
Despite today's performance, the MGC Pharma has been on a losing streak over the past year, down 65% from its 52-week high of 12¢. MGC isn't alone in this regard, with many ASX cannabis stocks like Auscann Group Holdings Ltd (ASX: AC8), Althea Group Holdings Ltd (ASX: AGH), Botanix Pharmaceuticals Ltd (ASX: BOT) and Cann Group Ltd (ASX: CAN) having seen their valuations trimmed down over the last year.
