Little Green Pharma Ltd (ASX: LGP) has entered into an exclusive agreement with PharmaServe Hellas SMSACI for the distribution of LGP-branded oil medicines and cannabis flower in Greece.
Under the Agreement, PharmaServe will exclusively distribute LGP cannabis medicines and not promote any other cannabis medicine in Greece for at least 2 years, with further exclusivity periods to be extended by agreement.
In return, LGP will exclusively distribute its cannabis medicines through PharmaServe in Greece for this two-year period.
The company will supply the medicines from its Australian and Danish facilities (subject to deposit prepayment terms) and will share product revenues on a 50:50 basis, subject to LGP receiving certain minimum prices per unit.
PharmaServe and the Greek medicinal cannabis market PharmaServe has operated as a distributor of pharmaceutical / healthcare products in Greece since 1984. Currently, the Greek market is primarily serviced by CBD (hemp) products with THC levels <0.2%.
With a population of ~11 million, there are no registered medicinal cannabis products in market, and LGP anticipates PharmaServe will be one of the first distributors to apply for a medicinal cannabis Marketing Authorisation in Greece, giving LGP a significant foothold in a new, currently under-served market in the EU.
The Agreement represents the continued fulfilment of LGP’s strategic imperative to grow significant market shares in key markets across the EU. 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,” LGP’s CEO, Fleta Solomon, said.
“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.
“The Agreement also represents LGP’s first agreement for the supply of cannabis flower from its new Denmark facility outside of Australia, as LGP continues to progress agreements for a range of supply arrangements from finished LGP-branded medicines to bulk, white-labelled goods.”
