- Medicinal cannabis company Little Green Pharma (LGP) has entered a strategic partnership with private health insurer HIF
- Under the deal, HIF will issue a $105 rebate per script to eligible members for medicinal cannabis products
- Additionally, the partnership will support future research into medical cannabis, as HIF members will have priority participation in the research
- HIF is the first major Australian health fund to publicly support medicinal cannabis treatments
- Despite the positive news, Little Green Pharma is down 7.23 per cent on the market this afternoon, trading for 38.5 cents per share
Little Green Pharma (LGP) has entered a strategic partnership with private health insurer HIF.
Under the deal, HIF will issue a rebate to eligible HIF members for medicinal cannabis products. The deal aims to improve access to and the affordability of medicinal cannabis.
Additionally, the partnership will support future research on the role medical cannabis can play in improving quality of life, as certain HIF members are entitled to priority participation.
This contract represents the first time a major Australian health fund has publicly backed medicinal cannabis treatments and its usefulness for Australians who are suffering from numerous health conditions.
Little Green Pharma is a West Australian business that creates its own medicinal cannabis oils.
Under the rebate, HIF members will receive up to $105 back per eligible medicinal cannabis script. The partnership is set to last between 18 months and two years, depending on the length of the study.
Little Green Pharma Managing Director Fleta Solomon said the partnership is exciting for both parties.
"Our company has always had Australian patient access at the forefront. We were the first company in Australia to launch with locally-grown and affordable medicinal cannabis products," she said.
"Our disruptive pricing strategy led to the cost of medicinal cannabis products being significantly reduced in price nationally. We are proud to further contribute to driving improved affordability and our partnership with HIF, another patient-focused company, will mean better access to medicinal cannabis products for patients across Australia," she added.
HIF CEO Justin James said partnering with Little Green Pharma was in line with the company's goal to provide new, alternative treatment choices to its members.
"We are exceptionally pleased to be the first Australian health fund to publicly declare our support for medicinal cannabis treatments and provide our members with rebates on these products," he said.
"As a member-based health fund, our community is the motivation for everything we do, so assisting members through treatment options that can dramatically improve quality of life across different life stages is a key focus," he concluded.
Despite the positive news, Little Green Pharma is down 7.23 per cent on the market this afternoon, trading for 38.5 cents per share at 1:12 pm AEDT.