They used to look for gold in West Africa but soon they'll be selling cannabis-based cosmetics.
Gold explorer Erin Resources announced its intention to change the nature of its activities and acquire medical and cosmetic cannabis company MGC Pharmaceuticals in May.
Erin said on Monday that MGC's first range of 15 cannabidiol-based cosmetic products - facial creams, soaps, toners and cleansing masks - is set for commercial launch over the coming months.
"Erin Resources is pleased to announce the imminent launch by MGC Pharmaceuticals Ltd of its initial CBD (cannabidiol) cosmetics product range, with first sales expected to occur by December 2015," Erin said on Monday.
MGC will make 500 units of each of the 15 products, with a potential sales value of $US500,000 in total.
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A full line of more than 50 products will be rolled out in the first half of 2016.
MGC has another 40 or so products under development.
Erin said talks are underway with global distribution partners.
MGC is in the process of launching a dedicated sales website.
Cannabidiol is a cannabis compound that has significant health benefits but does not have the psychoactivity of tetrahydrocannabinol (THC).
The biggest demand for the products is expected to come from America, Australia and Russia.
The cannabis-based cosmetics products will be made in Slovenia.
Erin expects to hold a shareholder meeting to approve the acquisition of MGC Pharmaceuticals towards the end of October 2015.
Shares in Erin Resources were steady at 1.9 cents on Monday.
