MGC Pharmaceuticals’s cosmetic division MGC Derma has launched an online sales platform for its range of cannabidiol-based cosmetics.

The Ananda Cosmetics range is currently available on the new online platform within the European Union and other countries where cannabis-based cosmetics products are legally sold, reports Finfeed.

Cannabidiol is a non-psychoactive element of cannabis and used in more than 50% of recognised therapeutic applications.

"The launch of our online store is a strong complement to the company’s established wholesale product sales channel."

Through the online platform, MGC Pharmaceuticals seeks to support its direct-to-customer product sales strategy.

MGC Pharmaceuticals co-founder and managing director Nativ Segev said: "The launch of our online store is a strong complement to the company’s established wholesale product sales channel.

"With the global interest in cannabis based products growing rapidly and the large opportunity in the $460bn cosmetics market, MGC Pharmaceuticals is well-positioned to be the market leader in the cannabis industry."

In the next few months, MGC is planning to develop a line of 50 products to release to the global cosmetics market, which is estimated to reach $675bn by 2020.

Last month, MGC signed a deal with Czech Medical Herbs (CMH) for the distribution of its range of 15 cosmetic products.

The $500,000 CMH order had a potential retail value of $1.5m.