- Little Green Pharma (LGP) enters an exclusive agreement with PharmaServe for the distribution of LGP-branded oil medicines and cannabis flower in Greece
- PharmaServe will exclusively distribute LGP medicines for at least two years under the agreement
- In return, the company will only distribute its cannabis medicine through PharmaServe in Greece
- The companies will share product revenue equally, subject to LGP receiving a certain minimum prices per unit
- Shares are trading up 0.84 per cent to 60 cents
Little Green Pharma (LGP) has entered into an exclusive agreement with PharmaServe for the distribution of LGP-branded oil medicines and cannabis flower in Greece.
PharmaServe will exclusively distribute LGP medicines for at least two years under the agreement, with further exclusivity periods to be extended by agreement.
In return, the company will only distribute its cannabis medicine through PharmaServe in Greece for the same two year period.
This obligation is conditional upon PharmaServe achieving revenues of at least €600,000 (A$945,000) per year. There are no minimum quantity commitments under the Agreement.
The agreement is also conditional upon PharmaServe obtaining a marketing authorisation to distribute the LGP cannabis medicines in Greece.
Little Green Pharma will supply the medicines from its Australian and Danish facilities.
The companies will share product revenue equally, subject to LGP receiving a certain minimum price per unit.
There are no current registered medicinal cannabis products in Greece which the company believes will give it a significant foothold in a new, under-served market in Europe.
Chief Executive Officer Fleta Solomon said she is thrilled to expand distribution to Greece.
“The Agreement represents the continued fulfilment of LGP’s strategic imperative
to grow significant market shares in key markets across the EU,” she said.
“With the addition of Greece to the LGP distribution footprint, LGP aims to capture a market that is currently significantly underserved and overlooked by other medicinal cannabis producers.
“With a population of 11 million and no currently registered cannabis medicines, the market for medicinal cannabis in Greece represents another attractive opportunity for LGP’s broader international growth ambitions.”
Shares were trading in the green today, up 0.84 per cent to 59.5 cents each at 3.02 pm AEDT.