Investee Company Update: Little Green Pharma Ltd
SEED Innovations Ltd, the AIM quoted company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space, is pleased to note an announcement by its portfolio company, Little Green Pharma Ltd (‘LGP’).
SEED owns a holding of 7,324,796 ordinary shares in LGP representing 3.1% of LGP’s issued share capital.
Alfredo Pascual, VP of Investment Analysis of SEED, commented: “We are delighted by our investee company Little Green Pharma performance in the most recent Italian government supply tender. This represents an entry into the Italian medical cannabis market, one of the largest in Europe, and positions them well for future possibly larger supply application processes in the country. LGP passing the strict government qualification requirements is another reflection of the high quality of medical cannabis flower that LGP are producing from its Danish facility.
“This is also an endorsement of LGP’s European strategy, and with a growing presence on the continent we hope to hear more from LGP as they progress product pathways into other countries, including Greece and Poland where progress has been announced in recent months.”
The announcement by Little Green Pharma Ltd is set out below without material changes or adjustments:
LGP WINS ITALIAN TENDER
· LGP awarded Government tender for medicinal cannabis flower from its Danish Facility into Italy
· Italian Government tenders the sole route into Italian flower market, with tender quality standards some of the highest globally and LGP one of only two suppliers to bid for tender
· Award builds on Company’s growing European market momentum as LGP joins small group of international cannabis producers qualified to supply cannabis flower medicines into Italy
· Tender award grants LGP access to Italian market with 60 million population and Total Addressable Market of A$10 billion
Little Green Pharma Ltd (ASX: LGP, “LGP” or the “Company”) is pleased to announce the award of an Italian Government tender to deliver a shipment of EU GMP medicinal cannabis flower from its Danish Facility into Italy.
The shipment value of ~€200,000 is not material, however with the award LGP has joined a small group of international cannabis producers qualified to supply cannabis flower medicines into Italy, positioning LGP strongly for future upcoming Italian Government tenders. Italy has a population of 60 million people and a Total Addressable Market estimated at ~A$10 billion.
Italian Government tenders impose some of the highest GMP product quality standards globally, with LGP one of only two suppliers bidding for the tender and with only Aurora having been successful in the past. The shipment will be of historic inventory acquired as part of LGP’s purchase of its Danish Facility from Canopy Growth.
The Italian award builds on LGP’s growing momentum in European and UK markets, with LGP now having supplied products into Germany, France, the UK and Denmark as it also continues to progress product registration pathways into Greece and Poland.