- Medicinal cannabis manufacturer Little Green Pharma (LGP) has tabled a 427 per cent increase in revenue in its half-year report
- The healthcare stock ended December with $3.77 million in revenue, up from just $716,000 in revenue at the end of 1H FY20
- An additional 150 GPs signed up with Little Green over the period, while 4900 new patients subscribed to its products
- LGP’s sales also grew substantially year on year, with over 21,000 units sold, representing an increase of 340 per cent
- Little Green ended the half-year with a maiden profit, a strong turnaround from the previous year’s $5.5 million loss
- It also had $4.45 million in the bank and has since raised an additional $22.1 million in capital via a placement
- Company shares are trading for 71 cents, up 2.9 per cent
Medicinal cannabis manufacturer Little Green Pharma (LGP) has tabled a 427 per cent increase in revenue in its half-year report.
LGP ended December with a total of $3.77 million in revenue, well up on the $716,000 in revenue it reported at the end of the first half of the 2020 financial year.
The healthcare stock is crediting the stellar increase in revenue to a rise in both sales and customers.
An additional 150 GPs signed up to be able to subscribe to Little Green’s cannabis oils over the period, while another 4900 new patients accessed its products.
This represents a 250 per cent increase compared to the previous corresponding half and brings the company’s total lifetime patients to around 9500.
Sales also grew substantially year on year, with over 21,000 units sold during 1H FY21 — representing an increase of 340 per cent.
Little Green ended the period with its first half-year profit of just over $484,000, a strong turnaround considering it ended the previous corresponding period with a $5.5 million loss.
The company also had around $4.45 million in the bank and, since the end of December, has raised an additional $22.1 million in capital via a placement to investors.
In addition to this, LGP is offering shareholders a chance to top-up their investment by opening a $5 million share purchase plan.
Meanwhile, since the end of 1H FY21, the company has begun shipping cannabis flowers to Germany and also released a new oil formulation.
Company shares have jumped up slightly following today’s half-year release, trading at 71 cents, up 2.9 per cent at 2:23 pm AEDT.