MGC Pharmaceuticals is planning to enter the burgeoning Australian medicinal cannabis market, according to a report published by AAP.

“The medicinal cannabis market in Australia is emerging as one of the most exciting opportunities for Australian patients, material growers and the pharmaceutical industry,” MGC Managing Director Nativ Segev told AAP. “As Australia places itself on the global medicinal cannabis map, MGC Pharmaceuticals plans to play a crucial leadership role in the development of the domestic industry.”

MGC currently supplies non-psychoactive cannabidiol resin extract (CBD) to the European cosmetics and medical markets. Its latest goal is to become the market leader in Australia’s AUD150 million market, after the Australian government passed a motion to allow cannabis cultivation for medical or scientific use in February this year.

The company has applied for a licence to grow medicinal cannabis in the country, expand outlets for its line of cannabis-based cosmetics and extend its clinical trial program down under. CBD is said to be capable of treating dry skin and conditions such as acne and eczema.