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Little Green Pharma (ASX:LGP) wound up Q1CY24 with $5M in cash after posting record cash receipts of $8.1M, up 53% QoQ.
On a year-on-year basis, cash receipts were up 21% “driven by the collection overdue receivables” as well as outright sales increases.
Unaudited, the revenue metric marks a record quarter for LGP – the company posted $7.3M in revenue (as opposed to cash receipts), up 34% QoQ and 36% YoY.
The first three months of CY24 have officially been LGP’s best quarter yet to date.
Heading into the final quarter of the financial year, FY24 has seen LGP rake in $25.6M in revenue on an unaudited basis, another record for the stock, up 30% vs. FY23.
Debt, meanwhile, has been whittled down to a manageable $3.3M.
Breaking down a 34% jump in sales: flower sales (as in the actual cannabis product that is smoked) increased 57% QoQ which raked in $2M. This was pointed to as an effect of the company introducing the CherryCo brand.
Sales of cannabis-derived oils were up 2% QoQ while vaporiser revenues jumped 7%.
Sales increased across both Australia and Europe, with Australian sales up 27% after CherryCo hit the market down under. The company also began selling ‘Summer Sun,’ cannabis flower with 27% THC. CherryCo was highlighted as more popular.
European sales – off a low base – increased 150%. The company delivered to six customers, “three of which were new.”
That trend may continue with LGP moving into Poland and Switzerland in the quarter – and staying with the EU, cannabis was also legalised in Germany during the quarter, which LGP expects to provide strong revenue generation potential.
The company also continues to step up its presence in France.
Meanwhile, Reset Mind Sciences (RMS), LGP’s psychedelics research spin-out hopeful, continues to stay on the company’s radar, despite being knocked back by the AIM stock exchange in London due to current restrictions around its intended mission.
LGP shares last traded at 14cps.
