- Australia's first locally-grown medical cannabis manufacturer Little Green Pharma witnessed significant growth in the first half of 2021.
- During the period, the Company exported the first shipment of its medicinal cannabis oils to Germany.
- The Company obtained a GMP manufacturing licence from the TGA for its South West WA manufacturing facility.
Vertically integrated medicinal cannabis business Little Green Pharma Ltd (ASX:LGP) updated the market with its results for the first half of the financial year 2021 (period ended 31 December 2020).
ASX-listed cannabis player LGP has a track record of sales growth with a clear pathway to improving margins and powering considerable revenue growth in Australia along with offshore markets. During the 1H 2021, the Company achieved significant growth with its unit sales and revenue. Little Green Pharma also witnessed a substantial increase in the patient and prescribers compared to the previous half.
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Let us dive deeper and discuss the feats in detail-
- LGP witnessed significant sales of more than 21,000 units of medicines in Australia, up ~340% compared to the pcp.
- During the period, the revenue rose by 420% to A$3,771,237 as compared to the previous half. This revenue includes more than A$600,000 sales from the customers in Germany and the UK.
- The Company achieved significant Australian patient and prescriber growth.
- More than 4,900 new patients were prescribed LGP medicines, up by 250% compared to the previous half.
- In 1H 2021, 150 new healthcare practitioners (HCPs) prescribed LGP medicines, bringing the total number of Australian prescribers to over 450.
- The Company exported the first shipment of its medicinal cannabis oils to Germany.
- The Therapeutic Goods Administration (TGA) awarded the South West WA manufacturing facility of LGP a GMP (Good Manufacturing Practice) manufacturing licence. TGA-GMP licensed in-house manufacturing facility capable of producing flower, extracts (oils), tinctures and active pharmaceutical ingredients (APIs).
- During the first half, the Company successfully harvested its first crop from the expanded facility and manufactured its first cannabis resin extract cultivation from the new manufacturing facility.
Below are some key highlights from LGP’s achievement in the first half of 2021-
Notably, the Company has partnered with the Health Insurance Fund of Australia Limited (HIF) to support improved access as well as affordability of medicinal cannabis through the rebates for cannabis medicines to eligible members of HIF.
Latest developments: December 2020 onwards
On 15 February 2021, the Company has completed a placement to raise A$22.1 million. Proceeds of the Placement and SPP will enable the Company to execute the next phase of growth by-
- Increasing sales and marketing efforts in Australia as well as offshore markets.
- Expanding the cultivation and manufacturing capacity.
- Providing general working capital.
On 5 February 2021, LGP delivered its first commercial shipment of cannabis flower medicines to DEMECAN in Germany.
Stock Information: On 24 February 2021, LGP shares closed at A$0.685, down 0.725%. The Company’s market capitalisation stands at A$121.65 million.