LGC Capital Ltd. advised that Australian medical cannabis company Little Green Pharma (LGP) in which LGC has a 14.21% interest, has successfully completed harvest of its second commercial medical cannabis crop from its facility south of Perth in Western Australia.
This quarter, LGP successfully achieved another milestone having produced Australia’s first locally grown medicinal cannabis product as well as making its first commercial sales to Australian patients.
LGP has also commenced negotiations with German parties for exporting Australian products. LGP sees potential exports to Germany as being a crucial building block for the business going forward and plans to finalize negotiations within the month, which will be a catalyst for the expansion plan.
Last week, LGP’s products were accepted into the NSW state-wide clinical trial for advanced cancer. This is another major tick of approval for LGP products and will enable LGP to directly compare its products’ efficacy with a range of other imported products.
LGP is currently in negotiations to build a purpose-built facility in Perth. Preliminary terms have earmarked a 500,000 square foot block enabling the construction of a 400,000 square foot facility. A facility of this size would provide for up to 50,000 kgs of flower per annum. The proposed site will include a GMP manufacturing facility and can be built in a staged approach, with a first stage of 100,000 square feet being planned. Although the primary focus is Australian patients, the export market has been accounted for in this proposed build.