Little Green Pharma (LGP) saw revenues climb 30% to A$3.2 million in the three months to March with more patients trying its products.
The WA-based company reported patient growth of 18% in a quarter where it launched two products into the market, a 14% CBD flower and 19% THC flower.
The revenue increase was achieved despite the “required shutdown” of its facility in Australia during commissioning which limited international flower sales, LGP said.
“Momentum is expected to resume in line with previous quarters,” it added.
But the positive numbers failed to rally the share price which slipped 2.5% to close at $0.38c. The stock has fallen 26% in the past month, reflecting the ongoing challenges for the cannabis sector.
In its quarterly update, LGP said it was progressing previously announced export deals in a number of European markets including France, Italy, Portugal, Germany and the UK.
In France, where it supplies medicine as part of the country’s medicinal cannabis trial, LGP said it is “consolidating” its relationship with distribution partner Intsel Chimos “in anticipation of the legalisation of medicinal cannabis in France early next calendar year”.
It is also conducting a clinical trial at the country’s Centre Hospitalier Regional d’Orleans into the treatment of HIV, using the LGP Classic CBD50.
However, the company faced a setback in Greece – where it signed a distribution agreement in January – after new legislation made it “challenging” to supply THC products manufactured outside of the country.
Although the legislation does not apply to CBD, the company described the commercial opportunity as “limited”.
“While the agreement [with PharmaServe] may still be in place, it is not expected to generate revenue in the near term,” LGP said.
In Denmark meanwhile, the firm said it has “reduced its headcount” by an unspecified number in a move that will save $1m in annual labour costs.