The little cannabis company that could continues to do so – Australia’s Little Green Pharma (ASX:LGP) has been granted a medical cannabis licence boost.
The Perth, Western Australia based company announced Australia’s Office of Drug Control (ODC) has granted Little Green Pharma an expansion to its current Medicinal Cannabis Licence that will enable cultivation and production of medicinal cannabis as well as ancillary activities at its expanded cultivation and adjacent new manufacturing facility in WA.
Additionally, the company has also granted a Manufacturing Licence for the production of dry flower, extracts, tinctures, and resins at the new manufacturing facility.
“These licences mark an important step in expanding LGP’s cultivation and manufacturing capacity and achieving internal vertical integration and cost reduction,” said LGP Managing Director Fleta Solomon.
In other recent news from the company, in early March LGP announced the company had expanded the LGP Classic product range with what it says is the first Australian made “whole plant” CBD cannabis oil product for the local market.
LGP Classic CBD 50 is a cannabidiol oil product containing 50mg/mL CBD and zero tetrahydrocannabinol (“THC”). This makes it a Schedule 4 medicine; only requiring TGA approval rather than TGA and state health department approvals. Other medicines in the Classic range contain varying levels of THC.
It’s been a hectic first quarter of 2020 so far for Little Green Pharma. Other notable events this year include its listing on the Australian Securities Exchange less than a month ago. Just after that, Little Green Pharma announced the signing of a three-year purchase agreement with Berlin-based DEMECAN for the sale and export of up to 1,000kg of dried flower or 48,000 units of medicinal cannabis oil product (or a combination).
The company has made significant progress since it first hit the ASX in terms of its operations. On the day it listed, it opened at 35c and closed at 46c the following day. However, from there it hasn’t had much luck on the ASX, closing on Wednesday at 27c. But news of the licences have since given it a boost even in the face of the damage the coronavirus situation is wreaking on the market. LGP closed Thursday at 30c.