Aussie medical cannabis company raises AU$10 million

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Australian medical marijuana firm MGC Pharmaceuticals raised 10 million Australian dollars ($7.7 million) to foster development of MMJ products and purchase other companies

According to Business Insider Australia, the medical grade cannabis company will use the funds for clinical trials and research and development involving pharmaceutical-grade MMJ products.

The company is also seeking acquisition prospects at home and abroad in the MMJ industry, Business Insider Australia reported.

MGC Pharmaceuticals has experience working with the Israeli medical cannabis market and works with high-CBD strains to create extracts, including resins and oils.

Last year, the firm signed a distribution deal in California for more than 60,000 units of CBD-based anti-aging cosmetic products, according to Proactive Investors Australia.