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- Little Green Pharma (ASX:LGP) releases its half-yearly report, revealing that revenue from ordinary cannabis activities is up 37 per cent to more than $12.5 million
- LGP also decreases its debt by 72 per cent because of increased flower sales from more than $7 million to just over $2 million
- Sales from a newly introduced vaporiser product are performing strongly, pulling in revenue of $180,000, the company also released new flower and oil products
- The company ends the quarter with an adjusted EBITDA up 112 per cent from a loss of $5.9 million to a profit of $0.7 million
- LGP shares are up 4.17 per cent, trading at 12.5 cents at 10:04 am AEDT
Little Green Pharma (ASX:LGP) has released its half-yearly financial report ending September 30, revealing that revenue from ordinary cannabis activities is up 37 per cent to more than $12.5 million.
The company’s main source of revenue consists primarily of sales of medicinal Cannabis flower and oil products. LGP also decreased its debt by 72 per cent because of these sales from more than $7 million to just over $2 million.
These debts mainly include research and development expenditures, but luckily, with flower sales up 90 per cent, it is clear that alternative medicinal cannabis treatment trends continue to rise.
What’s more, sales from the company’s newly introduced vaporiser products have performed strongly, dragging in a revenue of $180,000. The company also ended the quarter with an adjusted EBITDA of 112 per cent from a loss of $5.9 million to a profit of $0.7 million.
Strategic Vision for 2024:
In August, the company underwent a CEO transition, with Paul Long taking the helm, which signifies a strategic move to leverage global medicinal cannabis markets.
Looking ahead to 2024, Little Green Pharma’s strategic vision revolves around sustained growth, market leadership, and customer satisfaction. The company’s foothold in the French medicinal cannabis market, backed by legislative amendments, positions it as a front-runner.
The proposed demerger of Little Green Pharma’s psychedelics subsidiary, Reset Mind Sciences, from the LGP Group further showcases a commitment to refining focus and capitalising on the cannabis market.
The company’s strategic moves in Poland and Germany also demonstrate a commitment to international market penetration, With regulatory changes in Australia, LGP’s compliance with GMP manufacturing standards positions it favourably in the evolving landscape of medicinal cannabis products.
The company will also reap the benefits of its new oil and flower products released during the period, as it continues to grow its medical cannabis portfolio.
LGP shares were up 4.17 per cent, trading at 12.5 cents at 10:04 am AEDT.
