Cannabis producer Little Green Pharma (LGP) (ASX:LGP) has received a boost in its production capabilities after securing an expanded medicinal cannabis licence from Australian regulators. 

An announcement on Thursday (March 12) states that thanks to the updated licence approved by the Office of Drug Control, LGP can now cultivate medical cannabis and make products with the drug.


The Western Australia-based producer can also step into the ancillary business at its newly expanded cultivation and production facility in its home state.

 

Silver Outlook 2021

   
Silver Price Outlook, Top Stocks and More! Download today!

In addition, the firm has obtained a manufacturing licence, granting it the ability to manufacture dry cannabis flower, extracts, tinctures and resins.

With the new licencing locked down, LGP expects planting at its cultivation facility to begin in Q2 2020.

“These licences mark an important step in expanding LGP’s cultivation and manufacturing capacity and achieving internal vertical integration and cost reduction,” Managing Director Fleta Solomon said.

At full operating capacity, the company’s facility will be able to produce cannabis flower and over 110,000 bottles of medicinal cannabis oil a year.

News of the operational increase comes less than a month after LGP made its public market debut on the Australian Securities Exchange in February. It raised AU$10 million in its initial public offering and issued approximately 22.2 million ordinary shares.

The new capacity will offer some relief to the demands of the company, which is aiming to serve the healthcare sector in Australia while angling for an expansion into international markets.

 

Gold Outlook 2021!

   
Gold Price Outlook, Top Stocks and More! Download today!

Solomon said the expanded medicinal cannabis licence and the new manufacturing capabilities will give LGP more flexibility to fulfill purchase agreements signed with distributors in Germany and the UK.

LGP has steadily been building its reach into the nascent German medical cannabis space — a sector estimated to generate AU$12.5 billion by 2028, the company’s press release reads.

The firm was the first Australian producer to send locally grown medical cannabis to the European country back in September via a deal with German cannabis distributor and wholesaler Cansativa.

More recently, LGP has made ties with other European cannabis players, including via a purchase agreement with UK-based medicinal marijuana distributor Astral Health. It allows Astral to sell LGP’s line of medical cannabis oil formulations.

The company also fortified its presence in Germany after signing another purchase agreement with DEMECAN to sell its oils and dried flower across the country.

Don’t forget to follow us @INN_Australia for real-time news updates!

Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.

  Life Science and Healthcare Investing in 2020 report cover

Coronavirus:An Overview for Investors

 
COVID-19 continues to impact world markets. Get INN’s overview of coronavirus investing.
 

 Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) announces that Philip Young, CEO and Director, and Maghsoud Dariani, Chief Science Officer will be presenting on Thursday, February 25th, 2021 at 5:45 pm EST at “The Gold Standard in Psychedelic Investment, Psychedelic Capital Virtual Investment Conference”, a platform showcasing the top companies, latest IPOs, newest opportunities, and deepest industry insights.

As a presenting sponsor, the Company will connect directly with some of the earliest moving investors in the psychedelic industry and reach an audience of 2,000+ investors. Presentations are 30 minutes in length, with 10 minutes allocated to a one-on-one Q&A session with the audience.

Keep reading... Show less

As Canadian operators race to strengthen their positions in the cannabis landscape, are international pursuits outside North America still top of mind?

The role that mergers and acquisitions (M&A) have played in the expansion of Canadian companies across the globe has been monumental for the growth of the cannabis industry. Now the space has reached a critical point as the demands of the US market increase.

Keep reading... Show less

It’s been just over a year since recreational cannabis was legalised in the Australian Capital Territory (ACT), home to the nation’s capital city of Canberra.

Announced on September 25, 2019, and brought into effect on January 31, 2020, the rules make it legal to possess and personally use small amounts of cannabis.

Keep reading... Show less

Pac Roots Cannabis Corp. (CSE: PACR) (“PacRoots” or the “Company”), announces the closing of its previously announced non-brokered private placement (see press release dated January 25, 2021).

Aggregate gross proceeds of $1,340,685.90 were raised through the issuance of 7,448,255 units (each a “Unit”). Each Unit consists of one common shares and one share purchase warrant. Each warrant is exercisable at a price of $0.30 per share until February 23, 2024.

Keep reading... Show less

 Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States will release its fourth quarter 2020 financial results on Tuesday, March 23, 2021 before markets open. Following the earnings release, management will host a conference call at 8:30 AM Eastern Time to review the financial results.

All interested parties can join the conference call by dialing 1-888-231-8191 or 1-647-427-7450, conference ID: 7066881. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until March 30, 2021 . To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 7066881.

Keep reading... Show less