One of Australia's top cannabis companies has today received a Cannabis Research Cultivation Permit, allowing the company to commence testing the effects of cannabis on cancer cells.
MGC Pharma (ASX: MXC) will now be able to proceed with botanical research projects in collaboration with RMIT University which includes cultivating and breeding strains to test against cancer cells.
Cannabis strains will be screened for anticancer activity, initially focussing on melanoma and prostate cancers.
The company says the research will leverage existing MGC Pharma IP and will focus on identifying new cannabinoids and formulas to find new treatments.
"The grant of a cannabis research cultivation permit is an important step forward for MXC in Australia as we continue to broaden the potential application of our phytocannabinoid derived medicinal products," says MGX Pharma co-founder and managing director Roby Zomer.
"Importantly, the permit also allows the Company to collaborate with other establishments to not only improve existing genetics, but also create new genetics for the Australian market."
The receipt of this new research permit follows MGC Pharma being granted a 'Cannabis Research Licence' in 2019.
It also comes just a week after the company was granted a new cannabis import licence which will enable MGC to streamline its logistics processes and cut down on handling fees.
Read more: Australia's top 20 cannabis companies
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support