MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has announced a partnership with HempStreet, India's first research to retail venture in the medicinal cannabis sector.
Through the partnership, HempStreet will distribute CimetrA and CannEpil, MGC’s cannabis-based formulations for treating Covid-19, to institutions and patients in India
Both products have undergone successful phase II clinical trials that showed them effective in arresting the cytokine storm, a symptom of Covid-19.
The partnership will also accelerate HempStreet's upcoming venture - transdermal delivery technology for cannabinoids - to launch in the markets beyond Asia using MGC Pharma's distribution network in Australia, the UK, Brazil and Ireland.
Abhishek Mohan, co-founder of HempStreet, said: "CimetrA, which has shown a 100% success rate in phase II clinical trials in India, will be an important product just on account of the fact that an estimated 15 million individuals are experiencing some sort of post Covid-19/long Covid symptoms.
Roby Zomer, co-founder of MGC Pharma, added: "Entry into significant global markets such as India is paramount to MGC Pharma's agenda, advancing phytomedicine adoption globally.
"India has a long-established and government-supported Ayurvedic healthcare system, and working with HempStreet to facilitate access to our proprietary phytomedicines such as CimetrA and CannEpil and the new formulations on the pipeline, is crucial to gaining a foothold in this market."