Another two medical cannabis companies are joining the dozens of others listed on the Australian Securities Exchange.
The first is Emerald Clinics, which hit the ASX last week (ASX:EMD) after raising $6 million in its initial public offering that will support development of its data platform, clinical trials, the establishing of new clinics and expansion into the UK.
Emerald Clinics currently has four Australian locations in New South Wales, Western Australia and Victoria.
Patients referred to Emerald Clinics first go through a medical examination to assess their needs and potential treatment options. A clinic doctor develops a treatment plan, liaises with the patient’s clinician and there are regular follow-up appointments.
Emerald says its clinics are staffed and managed by specialists and general practitioners with a special interest in chronic disease management and the appropriate use of unregistered medicines; e.g. those based on cannabis.
The second company is Western Australia based Little Green Pharma, which will list today as ASX:LGP.
We’ve mentioned Little Green Pharma a few times on HempGazette. Established in 2016, it was the first company to harvest medical cannabis for commercial use in Australia back in 2018 and also the first to produce a medical cannabis preparation using locally grown plants. Little Green Pharma was also the first Australian medicinal cannabis producer to export samples of locally grown product to Germany – which seems to have worked out well for the company as it now has an order.
The company aims to boost manufacturing capacity to the point it can grow enough flower to produce more than 110,000 bottles of medicinal cannabis oil annually.
Yesterday Little Green Pharma announced it had signed a five-year purchase agreement with UK-based Astral Health to supply its range of products.
With the addition of Emerald Clinics and Little Green Pharma, there are now more than three dozen ASX-listed companies with major activities in the hemp and medicinal cannabis sectors, so there’s plenty to choose from. Most have seen major ups and downs in terms of share price since listing, and these days investors are a little more cautious before buying cannabusiness shares. If you’re keen on investing in any of these companies, be sure to do plenty of research before parting with your hard-earned cash.
Trivia: Australia’s first cannabis stock was MMJ Phytotech (ASX:MMJ).