- Little Green Pharma (ASX:LGP) receives a $5 million R&D rebate, its largest to date
- It reflects the significant R&D expenditure invested in its multifaceted program during FY2023
- The rebate is in addition to the $360,000 R&D rebate received by subsidiary Rest Mind Sciences in the December quarter
- LGP shares are up 12 per cent, trading at 14 cents at 11:25 am AEDT
Little Green Pharma (ASX:LGP) has received a $5 million research and development (R&D) rebate, its largest to date.
The company reported it reflects the significant R&D expenditure invested in its multifaceted program during FY2023.
LGP had previously factored in the rebate with its financer, Radium Capital, leaving a balance of $2.8 million. This is in addition to the $360,000 R&D rebate received by subsidiary Rest Mind Sciences in the December quarter.
The multifaceted program includes developing one of the largest genetic ranges of LGP’s flower products in the Australian and EU markets.
LGP also sponsored the successful QUEST study, which covered the largest worldwide quality-of-life study on medicinal cannabis.
Meanwhile, LGP remains the leading supplier to the French Pilot program, which has led to the opening of a new French market for the company.
Back home, LGP continues to contribute to multiple university-led studies to boost the medicinal cannabis industry.
LGP shares were up 12 per cent, trading at 14 cents at 11:25 am AEDT.