- Little Green Pharma’s (LGP) first shipment of medicinal cannabis products has arrived in the U.K. from Australia
- These products will be distributed in the U.K. by Astral Health and include a mixture of THC and CBD-dominant oral products
- This marks an important milestone because LGP is one of the few companies that can distribute Good Manufacturing Practice (GMP) medicinal cannabis products in the U.K.
- At market close LGP is up 8.47 per cent and shares are trading for 32 cents each
Little Green Pharma’s (LGP) first shipment of medicinal cannabis products has arrived in the U.K. from Australia.
These products will be distributed in the United Kingdom by U.K.-based specialist importer of medicinal cannabis products and a subsidiary of LYPHE Group, Astral Health.
These products have been imported under the binding purchase agreement that was signed between LGP and Astral Health in February 2020.
Under this agreement, Astral Health must purchase, import and distribute LGP’s medicinal cannabis range, which comprises of LGP Classic 10:10, LGP Classic 20:5, and LGP Classic 1:20, for a term of five years.
“This is an important milestone for Little Green Pharma as we enter the U.K. market and will provide us with an early mover advantage in what is anticipated to be a large medicinal cannabis market,” Managing Director Fleta Solomon said at the time.
“The agreement positions LGP as one of the very few companies with GMP medicinal cannabis products to supply into the U.K. and Europe and follows our first purchase order from Germany,” she added.
All of LGP’s medicinal cannabis products are taken orally and each contain a different mixture of THC and CBD.
THC (tetrahydrocannabinol) gives cannabis its psychoactive component while CBD (cannabidiol) gives therapeutic benefits such as anti-inflammatory and anti-anxiety.
LGP Classic 10:10 contains 10mg/mL of both THC and CBD, LGP Classic 20:5 contains 20mg/mL of THC and 5mg/mL of CBD, and LGP Classic 1:20 contains 1mg/mL THC and 20mg/mL CBD.
These products also go by the respective names of THC/CBD Balance, THC Dominant, and CBD Dominant.
On March 2, the U.K. Home Office and MHRA (Medicines and Healthcare Products Regulatory Agency) announced that import permits can now be granted on prescription quantities.
This makes the exporting of medicinal cannabis products a more efficient process.
This is an important step for both LGP and Australia as the U.K. medicinal cannabis industry is expected to grow to £1.05 billion (AUD$2.10 billion) by 2024.
“This first export of Australian-produced medicinal cannabis oils to the U.K. marks an important step in fulfilling Australia’s vision of building a global cannabis industry capable of supplying quality medicinal cannabis products to both Australian and overseas patients,” Australia’s Minister for Health, Greg Hunt said.
At market close, LGP is up 8.47 per cent and shares are trading for 32 cents each in a $39.38 million market cap.