Medlab Clinical and Little Green Pharma – both ASX-listed companies – have completed cannabis orders for the UK market.
In an announcement to shareholders, Medlab Clinical revealed it had completed the first order of its newly developed hybrid cannabinoid, Mg Optima Relax + CBD.
The 5,000 unit order has been manufactured and will be exported to the UK under licence, following an exclusive UK/US distribution agreement to expand into the UK.
Medlab Clinical CEO Sean Hall said: “This is our first meaningful export for this trade agreement and I see this as a start of great potential as we develop UK markets.
“This product is not for Australia because of our laws relating to CBD use, but primed for other global legal markets,” Hall continued.
“We would envisage a more global play regarding this product, as most westerners are well versed in the benefits of magnesium, and hence it’s relatively easy to understand the synergistic benefits of combining magnesium and CBD.”
Meanwhile, Australian medical cannabis producer Little Green Pharma has exported more than 1,000 units of medical cannabis oil to the UK as part of a consignment sales agreement with LYPHE Group.
LYPHE has a strong presence in the UK and writes over half of all new medicinal cannabis prescriptions in the country.
LYPHE will prescribe and dispense Little Green Pharma’s medicinal cannabis products to patients at its clinics, and will be responsible for reporting data investigating efficacy, safety, quality of life, and patient-reported outcomes to Little Green Pharma.
Despite sales and revenue meaning the shipment is unlikely to be financially material, it nonetheless represents a key step towards the company’s goal of meeting growing patient demand for medical cannabis in the UK and Europe.