MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) confirmed that it is receiving an immediate downpayment of US$150,000 as part of last week’s US$1mln order from AMC Pharma.
The purchase order for its ArtemiC oral spray, the second from US-based AMC, will see the subsequent US$850,000 paid upon completion of production and dispatch of the order, it clarified in a statement on Wednesday.
MGC said it anticipates that this will be completed in September 2023.
Clearing up potential confusion among investors, it also explained that AMC’s new supply agreement to distribute to over 100 holistic and wellness offices in California and Florida “does not relate to any agreement entered into directly” with MGC.
“The company is delighted to be partnered with a successful distributor such as AMC and looks forward to increasing distribution of ArtemiC across the United States,” it added.