An agreement representing Little Green Pharma’s fourth contract for the supply of medicinal cannabis into Germany has been announced.
Australian-headquartered Little Green Pharma has two production sites for the manufacture of GMP-grade medicinal cannabis products. One is here in Australia (WA) capable of producing ~3 tonnes of medicinal cannabis biomass per annum. That facility is licensed to produce flower, extracts (oils), tinctures and APIs. Locally, the company also has a separate exclusive contract manufacturing agreement with an Australian TGA-GMP certified medicinal cannabis manufacturer.
The other is a huge 21,500m2 cultivation and 4,000m2 GMP manufacturing facility capable of producing more than 30 tonnes of medicinal cannabis biomass annually located in Denmark (EU).
The new deal will see LGP wholly owned subsidiary, Little Green Pharma Denmark ApS, bulk supply a high-THC strain of cannabis to Cannamedical Pharma GmbH Germany. Cannamedical has licenses to import medicinal cannabis into Germany and distribute/export it within the European Union.
“The Agreement is subject to a number of conditions precedent, including entry into a QA Agreement, inclusion of LGP on Cannamedical narcotics licence, irradiation licences in Germany, and a successful audit of LGP Denmark’s facilities; with the QA Agreement and Facility audit both well advanced and expected to be completed in the coming weeks,” states the company.
The first shipment of cannabis is expected sometime between January and June 2023 depending on final product licensing requirements. The company says this latest deal extends its lead as the “pre-eminent” non-Canadian global medicinal cannabis group supplying products into Germany and the EU.
Little Green Pharma was among the pioneering medical cannabis companies in Australia. It was awarded licenses to cultivate and produce cannabis by Australia’s Office of Drug Control back in April 2017, and harvested what was claimed to be Australia’s first crop of commercial-use medical cannabis in May 2018.
LGP closed an oversubscribed initial public offering in late January 2020, and commenced trading on the ASX the following month. The company’s revenue increased 50% from FY21 (12-month period) to FY22 (9-month period) to $10.52m.