Australian medical cannabis firm Little Green Pharma’s IPO officially opened this week, and quickly reached its goal of raising $10 million.
Established in 2016, Perth, Western Australia based Little Green Pharma has been a quiet achiever we’ve mentioned a few times here on Hemp Gazette. It was the first company to harvest medical cannabis for commercial use in this country, which occurred in May 2018. It was also the first Australian company to create a medicinal cannabis product for use by patients using locally grown plants. LGP’s products have reportedly been used by more than 1,400 Australian patients.
Currently, the company has 3 products available.
LGP Classic 20:5
LGP Classic 10:10
LGP Classic 1:20
All are provided as a 50ml oral solution.
Little Green Pharma says no pesticides are used within its cultivation facility and no undesirable substances are present in the fertilisers applied. LGP’s original seeds were sourced from one of the world’s oldest cannabis seedbanks and plants are regularly tested for heavy metal content. The company also has the wider environment in mind and is looking into sustainability options such as renewable energy generation or high-efficiency gas cogeneration systems.
According to the OnMarket page concerning the IPO, Little Green Pharma is in the process of expanding its cultivation facility with view to building manufacturing capacity capable of producing enough cannabis flower to manufacture more than 110,000 bottles of medicinal cannabis oil per year.
Back in September we mentioned LGP had exported a sample of its commercial medical cannabis products to a company in Germany for product testing. It appears that went well, with Little Green Pharam receiving its first order of 2,400 units to be shipped to that country after the cultivation facility expansion has been completed. LGP was granted an export licence by the Federal Department of Health in January 2019.
In comments to SmallCaps, Little Green Pharma managing director Fleta Solomon said the company is strongly positioned to take advantage of opportunities in the medicinal cannabis industry both in Australia and internationally.
The company hopes to make its ASX debut in February under the ticker code LGP.