(MENAFN- ProactiveInvestors)
() has secured an exclusive option agreement to acquire Israeli based medical and cosmetic cannabis company MGC Global Limited.
MGC’s strain of is capable of higher yields of cannabidiol (CBD) from smaller crops with a very low THC component.
This also allows MGC to legally grow and export CBD in many countries and accelerate commercialisation.
Skin care is an initial priority market for MGC as Sativa based products have superior effectiveness given they can penetrate three layers of skin.
The company expects MGC to deliver significant near-term revenues upon securing a Sativa licence in the European Union (EU) and targeting first production in 2016.
Discussions for a commercial off-take agreement to supply CBD resin to a major European distributor are underway.
The acquisition of MGC Global strategically diversifies and expands the operations of Erin into the significant and fast growing medical cannabis and cosmetics industries.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.