The trading halt will remain in place until the start of regular trading on Friday, August 21, or when an announcement is released to the market, whichever occurs earliest.
MGC Pharma has a market cap of approximately $42.4 million and shares last traded at 2.6 cents.
Largest order to date into the UK
A distribution agreement was recently signed with UK medical cannabis provider LYPHE Group Limited to distribute its EU GMP cannabinoid medicines into the growing UK market for medical cannabis products.
The European-based biopharma company specialising in the production and development of phytocannabinoid-derived medicines, has already received an initial purchase order from LYPHE for 900 units of its affordable Mercury Pharma medicine line of products.
This is a direct shipment sale and not consignment stock, indicating the immediate patient demand from the LYPHE network.
The size of this first commercial order from LYPHE is the largest single order for MGC Pharmaceuticals into the UK to date.
It is strategically important for MGC Pharma as it demonstrates a valuable commercial channel into the UK.