It’s been a robust September quarter for Little Green Pharma (ASX: LGP) with the Western Australian-based medicinal cannabis group posting strong growth across sales, prescriptions and prescribers while successfully harvesting its first crop from its expanded facility.
Record sales revenue of $1.29 million (unaudited) was delivered for the three-month period on the back of over 8,500 units sold, a 41% increase on the previous quarter.
Over 2,200 new Australian patients were prescribed LGP products during the quarter (an increase of 58% from the previous quarter) bringing the total lifetime number of patients prescribed LGP products to over 6,700.
In addition, over 90 new healthcare practitioners began prescribing LGP products (up 29% on previous quarter) bringing total number of Australian prescribers to over 400.
In September, LGP successfully harvested its first crop from its expanded facility and produced its first cannabis resin extract from its new manufacturing facility.
The full integration of its cultivation and extraction processes have allowed LGP to further optimise its cultivation and manufacture systems and methodologies in the new facilities,” LGP said.
The expanded cultivation facility has nine flowering rooms capable of cultivating in excess of 1,750 kg of cannabis flower, with the potential to produce 175,000 x 10g units of medicinal cannabis flower, 110,000 x 50ml units of cannabis oil, or a combination of both.
LGP will ramp up production of cannabis flower, extracts and medicinal cannabis oil from the expanded facility in line with market demand.
Post quarter end, LGP was granted a Therapeutic Goods Administration (TGA) Good Manufacturing Practice (GMP) Licence over its manufacturing facilities. This makes LGP one of the few ASX-listed medicinal cannabis companies to be fully-TGA and Office of Drug Control licenced and permitted for medicinal cannabis flower and oil medicines, and also enables LGP to manufacture GMP grade medicinal flower products for the more lucrative European markets.
During the quarter LGP continued to progress with its exports into Europe. In the previous quarter 1000+ units of products were exported to LYPHE Group, who own several cannabis clinics in the United Kingdom. During this quarter LYPHE Group commenced dispensing the first LGP medicinal cannabis oils in the UK, with the Company achieving sales of 190 units for the quarter.
LGP finished the quarter with strong balance sheet and $4.1 million cash.
