Total
0
Shares
Little Green Pharma (ASX:LGP) - Managing Director, Fleta Solomon - The Market Herald
Managing Director, Fleta Solomon
Source: Little Green Pharma
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Little Green Pharma (LGP) has exported its first commercial shipment of cannabis flower medicines to Deutsche Medizinalcannabis
  • This is the first shipment in a three year-agreement between the companies
  • The shipment includes 500 units of cannabis flower medicines and is due to arrive in Germany next week
  • Upon arrival, the products will be batch-tested before being released to the German market
  • Notably, German medicinal cannabis market is anticipated to reach €7.7 billion (around A$12.22 billion) by 2028
  • LGP entered a trading halt this morning, ahead of an upcoming capital raise, and last traded at 93.5 cents per share

Little Green Pharma (LGP) has exported its first commercial shipment of cannabis flower medicines to Deutsche Medizinalcannabis (DEMECAN).

This first shipment includes 500 units of cannabis flower medicines and is due to arrive in Germany next week.

Upon arrival, the products will be batch-tested before being released to the German market.

This milestone follows a strict 12-month audit and qualification process between LGP and DEMECAN to ensure the product is applicable to European Union and German regulatory requirements.

"For the past year, we have worked closely with DEMECAN through a highly rigorous audit and qualification process, to ensure LGP’s cannabis flower medicines meet all applicable EU good manufacturing practice and German quality requirements," Managing Director Fleta Solomon said.

"In a particularly pleasing achievement, our cannabis flower medicines passed all
microbiological testing without requiring irradiation; a testament to LGP’s ability to successfully cultivate and manufacture consistently high-quality cannabis flower medicines under indoor GACP and GMP conditions," he added.

The medicines are being delivered under the purchase agreement between LGP and DEMECAN, which was signed in February 2020.

Under the agreement, LGP will sell and export up to 1000 kilograms of cannabis flower, or 48,000 units, to DEMECAN per annum.

Notably, Germany is the largest medicinal cannabis market in Europe and is anticipated to reach €7.7 billion (around A$12.22 billion) by 2028.

Earlier today, the company entered a trading halt as it prepares for a capital raise.

Prior to the trading halt, LGP shares traded at 93.5 cents each.

LGP by the numbers
More From The Market Herald
Creso Pharma (ASX:CPH) - Creso Pharma - The Market Herald

" Creso Pharma (ASX:CPH) launches ecommerce channels, enters Polish markets

Creso Pharma (CPH) has launched new e-commerce channels and expanded into Poland with a maiden purchase order secured.
Emyria (ASX:EMD) contracts consultant for psychedelics and MDMA research

" Emyria (ASX:EMD) contracts consultant for psychedelics and MDMA research

Emyria (EMD) has appointed a consultant to support its psychedelic-assisted therapy programs.
AnteoTech (ASX:ADO) - CEO, Derek Thomson - The Market Herald

" AnteoTech (ASX:ADO) ticks off another distribution deal for EuGeni

AnteoTech (ADO) has signed a distribution agreement with Ramma Dental for its EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test (RDT).
Healthia (ASX:HLA) - CEO, Wesley Coote - The Market Herald

" Healthia (ASX:HLA) up on Rothwell Physiotherapy buy

Healthia (HLA) shares have enjoyed a 10 per cent rise after reporting a $1.62 million acquisition of Queensland’s Rothwell Physiotherapy.