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- Little Green Pharma (LGP) delivers record quarterly revenue and cash receipts in Q4 FY23
- The company posted revenue of $6.5 million and cash receipts of $6.9 million
- LGP launched seven new alternative medicine products during Q4
- At the quarter’s end, the company held cash in bank of $8.7 million
- LGP shares last traded at 18 cents
Little Green Pharma (LGP) has delivered record quarterly revenue and cash receipts for the three months to June 30, 2023.
The company posted revenue of $6.5 million for Q4 FY23, up 53 per cent from Q1. Cash receipts also lifted 86 per cent from Q1 to $6.9 million.
Meanwhile, LGP reduced its long-term debt during the quarter by more than 60 per cent and launched seven new alternative medicine products.
It paid off the remaining $4.1 million Canopy Growth debt, reducing long-term debt by $1.9 million, following the sale of two surplus properties for $2.7 million.
The company introduced its long-awaited CBD200 isolate cannabis oil, as well as two new cannabis flower products, called Safari Sunset with THC of 24 per cent, and Silver Mist with CBD of 12 per cent.
In Australia, the company made $5.3 million in sales and an additional $1.2 million was made through sales in Europe using six distributors across the four largest countries in the EU and UK.
The company received new packaging equipment and plans to kick off installations by August-September this year.
Furthermore, LGP reported encouraging results from its genetics program, with new flower testing above 24-25 per cent THC at its Danish facility, and these products are destined for Australian and German markets.
In Europe, LGP Denmark delivered its first shipments to Ilios Santé, its second to Demecan, and a final shipment to Italy, while in France it was awarded a Fench Medicinal Cannabis trial to supply its CBD and THC products until March 2024.
The company has also formed a partnership with Health insurer HIF, to work toward establishing a proof-of-concept treatment facility to deliver psychedelic-assisted psychotherapy (PAP) and generate real-world treatment data.
LGP has decided to demerge its assets from its subsidiary business Reset Mind Sciences, which is aimed for the end of the September quarter, or in early December.
Little Green Pharma had $8.7 million cash in the bank at the quarter’s end.
LGP shares last traded at 18 cents.
