Australian ASX-listed MGC Pharmaceuticals Ltd (ASX: MXC) has launched a nutraceutical product line called, wait for it… MGC Nutraceuticals.
The term nutraceutical is a portmanteau of the words nutrition and pharmaceutical. However, nutraceuticals differ from pharmaceuticals in that they are often regulated as dietary supplements and food additives rather than medicines. The “pharmaceutical” aspect refers to the product being pharmaceutical grade.
“MGC’s Nutraceuticals range taps into the large and growing health supplement market, providing a CBD and hemp protein-based range of products to consumers that believe in the health benefits derived from CBD and hemp,” said Roby Zomer, Co-founder and CEO.
Nutraceuticals can contain all sorts of weird and wonderful ingredients, with their manufacturers making some outlandish claims, so Mr. Zomer has chosen his words wisely.
While the benefits or lack thereof of nutraceuticals generally are a topic of some debate, there is certainly demand for them. The global market according to MGC was worth USD $383.06 billion in 2016 and is expected to grow to approximately USD $561.38 billion by 20221.
Given the reported benefits of cannabidiol, MGC’s nutraceutical venture could generate a lot of interest.
MGC’s nutraceutical line initially consists of the following CBD-based products:
- CBD Caps
- Powder in a Packet
- RTD (Ready to Drink)
- MXWS Water Soluble CBD
The company claims the products, which are to be taken daily, promote normal immune system function, improve stress protection and maintain muscle and bone structure. The claims, it says, have been made in accordance with the main EU legislation for the use of health claims on foodstuffs.
The catalogue states the company is currently developing an online store where MGC Nutraceuticals products will be available for sale in countries where phytocannabinoid-based products are legal.
Among the other items of note in the update, MGC Botanic has also commenced its second crop at MXC’s Czech Republic facility and the company has reported MGC Derma has seen a boost in month on month sales revenues during February.
Two new products will be soon added to MGC Derma’s lineup – CBD Herbal Replenish Cream (March) and CBD Herbal Balm (July).
The company also reported a collaboration with RMIT University in Australia has made headway on development of the Library of Cannabinoids, and the pair have been working on progressing an application to Australia’s Office of Drug Control
(ODC) for a medicinal cannabis research cultivation licence.