A slew of ASX-listed cannabis companies have announced results and company updates to the market.
Little Green Pharma
- LGP posted record unaudited quarterly sales revenue of A$2.45 million for Q2 FY2021, up 90% on the previous quarter.
- Unit sales totalled more than 12,500 in Australia, up 50% on Q1.
- The company spent $299,000 on research and development.
- Cash receipts for the period totalled $1.86 million, taking LGP’s cash position for the quarter to just under $4.5 million.
- The company completed its first commercial shipment of medicinal cannabis oils to Germany, with its first shipment of cannabis flower medicines to the European Union due early in Q3.
- It has also been chosen as a primary supplier for a national medicinal cannabis trial in France and will be working with the Health Insurance Fund to support improved access and affordability of medicinal cannabis through rebates to eligible HIF members.
- More than 60 patients have been successfully onboarded as part of its soft launch, with a formal rollout expected early in Q3.
Cann Group
- Cann recorded cash receipts of A$99,000 during Q2.
- It expects revenues to increase in Q3 from sales contracts and purchase orders anticipated to ship to customers pending regulatory approvals, including 1,400 units to LYPHE Group as part of Project Twenty21.
- Operating costs reduced by $645,000 (around 10%) from the previous quarter, due mainly to lower production charges.
- Cann reported an operating cash outflow of $5.3 million and a cash balance of $27.7 million. It also has a $50 million bank debt facility from National Australia Bank to support the construction of its medicinal cannabis production site near Mildura, where activities are due to begin in late February.
- While the company remains committed to using as many Australian workers as possible at Mildura, COVID travel restrictions continue to impede its ability to recruit for specialist roles overseas.
- It is reviewing alternative plans to enable work to get underway at full pace.
THC Global
- THC recorded cash receipts of $6.9 million across the group in 2020, up around 68% year on year.
- The company expects to continue to expand its product range in 2021 across its proprietary brands and as a distributor as well as looking to further expand export opportunities including the US, Europe and AsiaPac.
- Subject to shareholder approval, THC will be renamed Epsilon Healthcare Limited to reflect a refocus on high-value pharmaceutical manufacturing and healthcare services.
- The company’s Southport facility was recently given an A1 rating by the TGA meaning a further routine inspection will not be required for three years.
- It expects to receive approval to produce inhalation products at the facility soon.
- THC is in the final stages of launching the Medimar platform, a publicly accessible nutraceutical and healthcare products e-commerce platform, as well as a separate platform for registered prescribers, pharmacies, and patients to access medicinal cannabis.
- Medimar expects to secure distribution agreements with several key Australian cannabis suppliers before launch.
Incannex Healthcare
- Incannex reported a fifth consecutive period of record sales receipts in the December quarter.
- It ended the period with A$11.8 million in the bank.
- It continued to advance its proprietary therapeutics for sleep apnoea, sepsis associated acute respiratory distress syndrome (SAARDS), traumatic brain injury, and generalised anxiety disorder.
- In Q4 it received $735,000 in revenue from sales of its cannabinoid products under the Australian government’s special access scheme.
Lifespot Health
- Lifespot achieved its first revenue from its Medihale inhaler device during Q2 with A$73,000 in sales.
- Operating expenditure was $207,000, including R&D, inventory purchasing and marketing.
- The company finished the period with around $1.72 million in the bank.
- Medihale devices were sold to EC Pharma for supply to Australian patients under the special access scheme.
- It has completed development of its ear and forehead infrared thermometer Fevertel, which is listed as a class II medical device under the Australian Register of Therapeutic Goods (ARTG).
- Following Q4 2020, Lifespot received almost $800,000 in cash from Canada-based cannabis investment fund Ela Capital, part of a rights issue in January that aimed to raise $2.4 million.
- Funds from the rights issue will be used for clinical trials using Medihale.
Creso Pharma
- Creso generated $709,000 in cash receipts in the last quarter of 2020, a 740% increase on the previous quarter.
- The balance of cash receipts for purchase orders not received in the quarter will be recorded in the first and second quarter receipts.
- Creso expects ongoing substantial growth in purchase orders in the current period and beyond.
- While Australian sales currently require a prescription, the company said it is optimistic down-scheduling will boost sales by allowing pharmacists to sell the product directly.
- The company raised $8.99 million in capital during the quarter, with Blumenthal committing to a $1 million share purchase. Blumenthal also lent the company $3 million on an unsecured, interest-free basis, which was fully repaid following shareholder approval in December with the issuance of shares and options.
- Leading cannabis entrepreneur Bruce Linton joined the company as a strategic advisor during the quarter.
