In its latest quarterly activities report, Australian medical cannabis firm Little Green Pharma (ASX:LGP) paints a pretty rosy picture.
For the quarter ending September 2024, the company reported record revenue of $10.2 million (unaudited), which was up 40% on the prior quarter and close to 60% on previous corresponding quarter. The firm also saw record cash receipts of $10.8 million, up more than 30% on the prior quarter and over 60% on the previous corresponding quarter.
There was a 45% increase in oil sales, which was driven by growth in France and Australia. LGP- branded and white label flower sales were up more than 35%, but vaporiser sales were down 20% off a low base. Other highlights include a more than 30% increase in flower sales and a 35% increase in oil sales in Australia. Looking further afield, the company indicated a 60% increase in flower sales into Europe, with over 110% increase in oil sales to France.
Little Green Pharma says it continues to outperform the most of its ASX-listed competitors. It notes out of its original 20 cannabis peers from 2022, seven are currently delisted or suspended from the ASX, and among those left behind, LGP is one of only two firms with positive operating cashflow, and the only one demonstrating growth.
As at 30 September 2024, LGP had $4.8 million cash in bank, up from $4.3 million.
The Perth-based firm has two global production sites; one a Danish production facility with a potential nameplate capacity of over 30 tonnes of cannabis biomass per annum and a West Australia indoor production facility focusing on premium “hand-crafted” cannabis strains. The company notes subcontracting of Australian cultivation operations is expected to result in savings of up to half a million dollars per year.
In the report, the company states publication of 12-month results from the QUality of life Evaluation STudy (QUEST) into the treatment of chronic conditions with medicinal cannabis is expected “imminently”. The study is investigating the quality of life and health economic impacts on patients with chronic diseases who have been prescribed medicinal cannabis. Little Green Pharma exclusively supplies products to patients participating in the study.
