Little Green Pharma (ASX:LGP) reports record sales in September qtr

Highlights

  • Little Green Pharma has recorded a significant increase in its Australian patient and prescriber numbers during the Quarter, with over 4,580 new patients.
  • LGP continues to engage the Danish Medicines Agency concerning its first cannabis medicine in Denmark, which, once approved, is likely to be the first locally produced cannabis medicine in the country.
  • Cannabis flower medicines represent the fastest-growing segment of the Australian medicinal cannabis market.

ASX-listed a Vertically integrated medicinal cannabis company operating in Australia and Denmark Little Green Pharma Ltd (ASX:LGP), on Wednesday, provided its quarterly details for the period ending September 2021.

The Company has reported strong revenue growth with AU$3.18 million revenue (unaudited) for the Quarter and a record sales month of AU$1.39 million (unaudited) in September 2021. 

Today’s announcement on quarterly activities report stated:

  • Significant Australian growth with over 4,580 new patients, a 39% increase compared to prior Quarter, and 110 new prescribers, a 46% increase on prior Quarter.
  • The group commenced Danish asset optimisation and integration, acquired a broad suite of additional genetics for Australian and EU markets, and ships the first pathfinder shipment to Australia from the Danish Facility.
  • Commercial discussions progressing with multiple European distributors and offtakers for supply from Danish Facility.
  • Completion of WA facility property acquisition for ~AU$6 million; AU$4 million cash and balance of consideration in scrip.
  • The Company finished the Quarter with a cash position of $29.1 million.

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The Company stated that a sudden growth in the Australian cannabis flower medicines market has also resulted in LGP redirecting some of its Australian grown cannabis flowers to Australia instead of Germany. At the same time, the Company waits for its Australian genetics to be sent to Denmark for cultivation. 

LGP traded 4.444% higher at AU$0.705 per share on ASX at 1:02 PM AEDT. 

Read More: Three ASX penny stocks looking to close October with triple-digit returns

Bottom Line:

The global medicinal cannabis markets are experiencing dramatic growth, and LGP is one of a few companies worldwide with the capability to deliver into these new and emerging markets. Besides, the Company has a track record of sales growth with a clear pathway to growing margins and driving notable revenue growth in Australia and offshore markets.

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