On the heels of Australian legislation to allow cannabis cultivation for medical or scientific purposes, MGC Pharmaceuticals is reportedly preparing to enter the Australian market to grow cannabis, extend its clinical trial program and expand outlets for its line of cannabis-based cosmetics. MGC recently released a five-point plan for the local market and is in the process of applying for a growing license from various state authorities. According to MGC, cannabidiol, a non-psychoactive component of cannabis which accounts for more than 50 percent of known therapeutic applications, can be used to treat skin and health conditions such as acne, psoriasis, eczema and dry skin. The company is targeting emerging opportunities in the medicinal and cosmetic cannabis markets worldwide. See Business Insider Australia, April 4, 2016.