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Listed medicinal cannabis producer MGC Pharma (ASX: MXC) has launched a new line of cannabis and hemp-enhanced nutraceutical products for retail customers.
The new line, called MGC Nutraceuticals, is a range of vegan products targeting the high-end dietary supplement market.
The new range includes seven products comprising four supplements and three food grade products in flavours like forest fruit, blueberry, and vanilla.
In the range is a powder in a packet, ready to drink products based on hemp proteins, water soluble cannabinoid, and capsules.
The company says the products have been formulated to promote immune system function, improve stress protection, and maintain muscle and bone structure.
Co-founder and CEO of MGC Pharmaceuticals, Roby Zomer, says the new range see the company enter the lucrative supplement sector.
"MCG's Nutraceuticals range taps into the large and growing health supplement market, providing a CBD and hemp protein based range of products to consumers that believe in the health benefits derived from CBD and hemp," says Zomer.
"Our expansion into this complementary market leverages our existing capabilities, including our IP, manufacturing facilities and marketing distribution, meaning we have been able to develop an entirely new range of products for an entirely new market, with minimal additional investment."
The global nutraceutical market was valued at approximately USD$383.06 billion in 2016, and is expected to grow to USD$561.38 billion by 2022.
This new line follows MGC Pharma's optimistic half year report which the company posted despite a $7 million first half loss.
Shares in MGC Pharmaceuticals are up 3 per cent to $0.097 per share at around 11.23am AEDT.
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Business News Australia
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