- Newly-listed medicinal cannabis company Little Green Pharma (LGP) has launched its fourth cannabis oil product today
- The product joins the company's "Classic" range, which differentiates products based on their ratio of CBD to THC
- The new LGP Classic CBD 50 product has a high dose of CBD but no THC
- All of LGP's products are oil-based and administered orally
- The company listed on the ASX just two weeks ago with shares priced at 45 cents each
- Today, as all sectors on the market slump again, shares are down almost 10 per cent and worth 36 cents each
Newly-listed medicinal cannabis oil creator Little Green Pharma (LGP) has launched its fourth cannabinoid product today, dubbed LGC Classic CBD 50.
The new oil joins the company's suite of "Classic" medicinal cannabis products which are differentiated by their ratio of cannabidiol (CBD) to tetrahydrocannabinol (THC).
Little Green Pharma listed on the ASX just two weeks ago, on February 19, 2020. The company has been developing medicinal cannabis products since August 2018.
Same leaf, different treatments
Generally speaking, CBD is a non-psychoactive compound found in cannabis plants and is more widely used in medicine. The compound has been used to treat seizures, inflammation, and anxiety.
THC, found in different strains of the plant, is the psychoactive ingredient in marijuana. However, the compound is also used to treat chronic pain, nausea, insomnia, and depression.
For LGP, its main range of products includes LGP Classic 20:5, which has a higher THC ratio; LGP Classic 10:10, which has a balanced ratio of both; and LGP Classic 1:20, which has a higher ratio of CBD.
The new LGP Classic CBD 50 product has a relatively high dose of CBD and no THC.
According to LGP, its new product is classified as a Schedule 4 medicine, which means it will be available via prescription only. It also means, however, that LGP Classic CBD 50 will only require Therapeutic Goods Administration (TGA) approval before it's available for sale around the country — State Health approval isn't necessary.
The other three main products in LGP's pipeline are listed on the Australian Register of Therapeutic Goods (ARTG), which means they are approved for export from Australia overseas. The company said it's in the process of listing the new treatment for export.
LGP Managing Director Fleta Solomon said the introduction of LGP Classic CBD 50 is a "major milestone" for the company.
"LGP is now able to meet healthcare practitioners’ needs for a higher CBD ratio product," Fleta said.
"LGP has been supplying patients with medical-grade cannabis oils since the launch of our first medicines in August 2018. We are committed to making the highest quality cannabinoid medicines accessible and available to all patients," she said.
Little Green Pharma went public after healthy $10 million initial public offering (IPO) that priced shares at 45 cents a throw. Unfortunately, the Covid-19 coronavirus scares truly gripped global markets just two days later, and LGP's first week on the market was the worst week on the ASX since the Global Financial Crisis.
Today, the market has continued to slump and LGP shares are down 8.75 per cent at 36 cents each. Perhaps the little green company will only be able to wedge its spot into the Australian cannabis industry once the market restabilises.