Little Green Pharma (LGP) has received firm commitments to raise around A$22 million via a share placement to new and existing investors.
LGP will also offer a Share Purchase Plan to eligible shareholders to raise up to $5 million.
The company will issue 34 million new fully paid ordinary shares under the placement at an issue price of 65 cents per share.
The placement received strong support from high net worth investors and will see several institutional investors enter the company’s shareholder register.
Proceeds will enable LGP to execute the company’s next phase of growth by accelerating sales and marketing efforts in Australia and offshore; expanding cultivation and manufacturing capacity; and providing working capital.
Little Green Pharma managing director Fleta Solomon said: “We’re highly encouraged by the strong support shown by new and existing shareholders for Little Green Pharma.
“Little Green Pharma has gone from strength to strength, and has achieved immense
growth in the last year, most recently setting new records for quarterly revenue, unit sales,
and patient numbers.
“The company continues to successfully execute upon our growth strategy, with a number of significant milestones achieved, including [our] first commercial exports to the UK; first commercial export of oil and flower medicines to Germany; winning a French government tender for a national trial of cannabis medicines; and new product launches.”