ASX-listed medicinal cannabis company Little Green Pharma (ASX: LGP) continues to demonstrate to investors it is not so little, following a dramatic quarter of record sales growth.
LGP has seen its sales spark by 40 percent taking the number of bottles sold during the period to 4,029.
The sales high coincided with a rising tide of prescription patients, with more than 3,000 patients having now accessed LGP medicine.
Little Green Pharma managing director Fleta Solomon said that the strong growth was not driven by any single accomplishment but by a series of key milestones.
“The March 2020 quarter has been a defining period for Little Green Pharma and I am thrilled with all that we have accomplished so far this year.
“We delivered a record-breaking quarter across sales, new patients and prescribers, and signed two key sales agreements in Germany and the UK.
We also released our fourth product (LGP Classic CBD 50), completed our cultivation facility expansion, and significantly progressed the construction of our manufacturing facility,” she said.
The expansion into the German and UK markets is no small feat, with a shipment of LGP medicine to the UK following quarter-end representing the first time a company has ever exported Australian medicinal cannabis.
The medicine was dispatched for a child suffering from epilepsy and paves the way for bulk shipments into the country which are anticipated in the second quarter of this year.
The achievement adds to a growing list of firsts for LGP, with the medical provider already Australia’s first ever company to deliver locally produced GMP medicinal cannabis for sale to patients.
A sales agreement with DEMECAN, a group which is the only German company covering the entire medicinal cannabis production chain in the country, is no less significant. LGP anticipates being one of the first few companies to export medicinal cannabis oil products into Germany, which is one of the world’s largest and chronically under-provided markets for medicinal cannabis.
The expansion into the UK and Germany is complemented with a larger product range, with LGP releasing a new product: LGP Classic CBD 50.
Responding to market demand, the new product contains a higher-concentration of cannabidiol and, along with LGP’s other medicinal cannabis products, is registered on the Australian Register of Therapeutic Goods (ARTG), meaning it is ready for export.
During the quarter and following the receival of a Cultivation and Production Licence from the Office of Drug Control (ODC), LGP commissioned an expanded production facility. LGP now only requires a medicinal cannabis permit before it can commence planting.
The expanded manufacturing facility has received an ODC Manufacturing License and construction also continues on time and on budget.