Perth-based medicinal cannabis company Little Green Pharma – which recently listed on the ASX – has entered a deal to supply the full suite of its medicinal cannabis products to UK-based Astral Health.
The binding agreement – which has a five-year term – will see Astral Health purchase, import, and distribute LGP’s current medicinal cannabis oil product range – comprising LGP Classic 10:10, LGP Classic 20:5, and LGP Classic 1:20 – to its UK-based patients.
Astral Health is a specialist importer and distributor of medicinal cannabis products and a subsidiary of LYPHE Group, which holds one of the few licences that have been awarded to operate medicinal cannabis clinics in the UK.
LYPHE Group operates a network of seven medicinal cannabis clinics across the country and expects to assist more than 2,000 patients in CY2020.
“This is an important milestone for Little Green Pharma as we enter the UK market and will provide us with an early mover advantage in what is anticipated to be a large medicinal cannabis market,” LGP Managing Director Fleta Solomon said.
The Agreement positions LGP as one of very few companies with GMP medicinal cannabis products to supply into the UK and Europe and follows our first purchase order from Germany.”
Medicinal cannabis was legalised in the UK in November 2018 and the industry is forecast to grow to US$1.3 billion by 2024, with an expected 400,000 patients being prescribed medicinal cannabis.
The British Medical Journal indicates a potential market of more than four million patients across a range of 52 conditions that are potentially treatable with medicinal cannabis. Currently, it is estimated that 1.4 million people (or 2.8% of the adult population) in the UK are accessing cannabis through illicit avenues to treat chronic medical conditions.
Founded in 2016, Little Green Pharma was the first and is currently the only, Australian medicinal cannabis company producing locally grown and GMP-manufactured cannabis products for patients.
Plants are cultivated from seed, without pesticides, in a hydroponic facility in Western Australia’s South West region. Once harvested, the flowers are processed in a government approved and highly regulated manufacturing facility near Perth.
With a growing range of products, containing differing ratios of active ingredients of Tetrahydrocannabinol (THC) and Cannabidiol (CBD), Little Green Pharma has been supplying pharmaceutical-grade products to a rapidly increasing number of eligible patients around Australia.
Today’s news comes after LGP recently received its first commercial order of 2,400 units to be distributed to CC Pharma, a distributor of pharmaceutical products to more than 13,000 pharmacies in Germany and throughout Europe.