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- Little Green Pharma (ASX:LGP) releases its quarterly activities report for December 2023, reporting a 25 per cent increase in revenue to $18.1 million
- Revenue for the quarter was $5.4 million and cash receipts amounted to $5.3 million, with year-to-date receipts up 33 per cent to $18.8 million
- The company’s Cherry Co brand was launched and one of its products, Little Buddies, has become one of its best-performing flower products
- Reset Mind Sciences launches a psilocybin clinical trial and has $3.7 million in cash with a $5 million R&D rebate expected in February
- LGP shares last traded at 13.5 cents
Little Green Pharma (ASX:LGP) has released its quarterly activities report for December 2023, reporting a 25 per cent increase in revenue to $18.1 million.
Revenue for the quarter was $5.4 million and cash receipts amounted to $5.3 million, with year-to-date receipts up 33 per cent to $18.8 million.
Product milestones
In late December 2023, Little Green Pharma launched a new brand named CherryCo, offering smaller flower products at a more affordable price called Little Buddies.
Since its debut, Little Buddies has surged to become one of the company’s best-performing flower products, and now LGP holds the second-largest flower portfolio in the Australian market.
Total Australian flower sales increased 75 per cent year-on-year and the company’s vaping products increased 156 per cent compared to the previous quarter.
LGP has received approximately $1 million in white-label sales orders for the March 2024 quarter so far.
Looking ahead
Following the quarter, LGP shipped its first sales order to Switzerland and its first LGP Denmark shipment was sent to the UK.
The company also sent its first shipment to Italy outside of Government tender and received the receipt for its first import permit for Poland.
New laws governing a post-French Pilot supply framework have recently been announced, offering significant benefits for LGP.
Meanwhile, in parallel, the company’s subsidiary, Reset Mind Sciences launched a psilocybin clinical trial in December 2023.
The company has $3.7 million in cash and expects a $5 million R&D rebate in February.
LGP shares last traded at 13.5 cents.
