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Little Green Pharma (ASX:LGP) - Managing Director Fleta Solomon.
Managing Director Fleta Solomon.
Source: Little Green Pharma.
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  • Little Green Pharma (LGP) is granted a licence from the WA Department of Health to supply psilocybin
  • The Schedule 9 licence allows the substance to be used to treat various mental health conditions, including depression, PTSD and anxiety, and clears a major hurdle for Little Green Pharma to enter the mental health field
  • The company is now working to extend its Good Manufacturing Practices (GMP) licence to cover the manufacturing of psilocybin, with plans underway to sponsor a Perth-based clinical trial into psilocybin assisted psychotherapy
  • Little Green Pharma last traded at 76.5 cents on September 6

Little Green Pharma (LGP) has been granted a licence from the WA Department of Health to supply psilocybin.

Psilocybin is a naturally occurring psychedelic compound found in more than 200 species of fungi, which induces a psychedelic state through its action on the brain’s serotonin receptors.

The Schedule 9 licence from the Department of Health falls under the Medicines and Poisons Act 2014, and allows the substance to be used to treat various mental health conditions, including depression, PTSD and anxiety.

The licence is said to clear a major hurdle for Little Green Pharma to enter the mental health field, leveraging its existing investment in cultivation and drug manufacturing infrastructure in WA.  

The company is now working to extend its Good Manufacturing Practices (GMP) licence to cover the manufacturing of psilocybin. LGP is also working alongside the West Australian medical research community, with plans to sponsor a Perth-based clinical trial into psilocybin-assisted psychotherapy.

LGP Managing Director Fleta Solomon said the field of psychedelics is a logical fit with its goal of solving real patient problems, having already had an extensive history of producing and managing Schedule 9 drugs through its current cannabis operations.

“We have developed so much experience over the years through the cannabis industry and we genuinely believe we can now bring that to bear on the development of the psychedelics field in Australia,” said Fleta Solomon.

“The existing investment in our West Australian cannabis cultivation and manufacturing facility means we can meaningfully enter the field with minimal incremental capital spend.”

Little Green Pharma last traded at 76.5 cents on September 6.
 

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