Australian medicinal cannabis company MGC Pharmaceuticals (ASX: MXC) has officially launched its range of MGC Derma and Derma Plus cannabidiol (CBD) cosmetic and skin care products on the global online cosmetics store, Cult Beauty.
The launch follows a sales and distribution agreement inked between MGC’s 51%-owned European subsidiary MGC Derma and Cult Beauty last month.
Under the deal, Cult Beauty has agreed to sell 15 of MGC Derma’s cosmetic products and its Derma Plus skincare range, which has been developed for the relief of highly inflamed and irritated skin conditions.
Cult Beauty is also leading a six-month exclusive marketing campaign to drive sales of the products, including additional public relations and promotional activities such as feature articles in leading fashion industry publications.
MGC has described Cult Beauty as “expert curators and trend dictators”.
“They distil the global beauty industry down to its brightest and best; from the latest scientific discoveries, to hundred-year-old remedies that have never been bettered,” MGC stated.
According to MGC co-founder and chief executive Roby Zomer, the online store was known for its careful selection, curation and promotions of the products available on its site.
“The launch places our products alongside some the beauty industry’s leading cult products, providing exposure of our brand and product range to a whole new market, which is now hearing about the benefits of our CBD-based skincare range,” Zomer said.
MGC’s product range includes the Derma Plus Herbal Repair Cream which utilises CBD compounds to provide daily relief of mild forms of psoriasis.
Last month, MGC also announced it had received an interim Good Manufacturing Practice certificate, giving it the green light to start manufacturing medicinal cannabis-based products at its European production facility.
This has allowed the company to immediately commence manufacturing its first batch of CannEpil, a medicinal cannabis product to treat epilepsy in adults.
MGC shares were up 4.5% on today’s news by afternoon trade.