Shares of UK-based MGC Pharmaceuticals, traded under the stock symbol MXC, witnessed a 9.5% decrease, with its value dropping to 0.095p.

It was among the top losers across all London stocks.

If this trend continues, the stock is on track for its fifth consecutive day of losses.

MGC Pharma stated that it has encountered significant difficulties in raising funds primarily in the UK, and also in Australia due to market conditions.

The company’s board and management, in response, have committed to designing a restructuring plan to secure long-term financing.

This restructuring plan will aim to decrease the company’s reliance on constant capital raising, thereby enabling the completion of an 18-month work plan.

To date, the stock has experienced an almost 83% decline in its value.

MGC Pharmaceuticals is a biopharmaceutical company that specializes in medicinal cannabis products.