Although it faded as the day went on, the MGC Pharmaceuticals Ltd (ASX: MXC) share price is on course to start the week with a solid gain.
Earlier in the day the cosmetic and medicinal cannabis company's shares were up as much as 11% at 8.1 cents. At the time of writing its shares are around 3% higher at 7.5 cents.
Why are its shares higher today?
This morning the company announced that it has signed a definitive exclusive supply agreement with specialist Australian pharmaceutical distributor HL Pharma to bring its affordable epilepsy product to the Australian market.
HL Pharma is expected to launch MGC's CannEpil adult epilepsy product in the Australian market in early 2018, once all necessary approvals for the importation of the product have been obtained.
According to management the product has the potential to generate significant annual revenues. Furthermore, it is expected to have strong gross profit margins due to being manufactured at its Slovenian facility currently undergoing GMP certification.
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