Little Green Pharma (LGP) has posted strong Q3 FY2020 results, with a 41% increase in sales of medicinal cannabis oil compared to Q2 and record unaudited revenue of A$1.29 million.
More than 2,200 new Australian patients were prescribed the company’s products during the quarter, an increase of 58% from Q2 and more than 90 new healthcare practitioners began prescribing LGP products, up 29%.
That brings the total lifetime number of patients prescribed LGP products to more than 6,700 and total Australian prescribers to more than 400.
The company finished the quarter with a strong balance sheet and $4.1 million in cash.
In September, LGP successfully harvested its first crop from its expanded facility and produced its first cannabis resin extract from its new manufacturing facility.
The company said the full integration of its cultivation and extraction processes has allowed it to further optimise its cultivation and manufacture systems and methodologies.
The expanded cultivation facility has a total of nine flowering rooms capable of cultivating in excess of 1,750 kg of cannabis flower, with the potential to produce 175,000 x 10g units of medicinal cannabis flower, 110,000 x 50ml units of cannabis oil, or a combination of both.
LGP said it will ramp up production of cannabis flower, extracts and medicinal cannabis oil from the expanded facility in line with market demand.
The company was recently granted a Good Manufacturing Practices (GMP) licence by the TGA for the WA facility.
The GMP licence marks the culmination of a two-year regulatory strategy for LGP, which now holds more than 20 state and federal operating authorisations.
These will allow it to operate a fully in-house and vertically integrated cannabis cultivation, production, manufacturing and wholesaling supply chain to supply LGP-branded medicinal cannabis products to Australian and international markets.
The company has also received ethics approval for a proposed large-scale medicinal cannabis
study.
