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- Medicinal cannabis company Little Green Pharma (LGP) has updated the market on its financial and operational activities over 2020’s final quarter
- In terms of finances, LGP’s quarterly sales revenue hit $2.45 million, marking a 90 per cent upswing on the previous quarter
- All up, cash receipts for the period came in at $1.86 million, taking LGP’s cash position for the quarter to just shy of $4.5 million
- The ASX-lister also continued its international market pursuits, completing its fist export to Germany and receiving a primary supplier role for a national French medicinal cannabis trial
- Little Green Pharma shares closed today’s session down 5.51 per cent at 60 cents each
Medicinal cannabis company Little Green Pharma (LGP) has updated the market on its financial and operational activities over 2020’s final quarter.
Financial highlights
In terms of finances, LGP posted a record unaudited quarterly sales revenue of $2.45 million, representing a 90 per cent upswing on the previous quarter.
Unit sales also saw an increase over the period, totalling more than 12,500 in Australia, marking a 50 per cent increase on the quarter before.
Notable expenditure for the ASX-lister includes $299,000 on research and development, which went towards the development of new products, new delivery systems and payments to research partners.
All up, cash receipts for the period came in at $1.86 million, taking LGP’s cash position for the quarter to just shy of $4.5 million.
Operational highlights
November 2020 saw Little Green Pharma’s first commercial shipment of medicinal cannabis oils to Germany.
It looks to mark the first of many international pursuits for the company, with its first shipment of cannabis flower medicines set for the E.U. market early in the next quarter.
The company has also been awarded a primary supplier role for a national French medicinal cannabis trial alongside a prominent French pharmaceutical distributor.
The move is hoped to secure the company a solid position in the French cannabis market if and when cannabis becomes legal in the country.
In further partnership developments, LGP also announced it would be working with the Health Insurance Fund in a bid to support improved access and affordability of medicinal cannabis through rebates to eligible HIF members.
The company says over 60 patients have been successfully onboarded as part of its soft launch, with a formal rollout anticipated early in the next quarter.
Little Green Pharma shares closed today’s session down 5.51 per cent at 60 cents each.
