LITTLE Green Pharma (LGP) has announced yesterday strong results for the fiscal quarter ending 31 Mar.
The global medicinal cannabis company reported quarterly cash receipts of $8.1 million, marking an increase of over 50% from the previous quarter and over 20% on the previous corresponding period last year.
The company's unaudited revenue for the quarter stood at $7.3 million, which is up almost 34% from the previous quarter and an increase of over 36% compared to the same period last year.
The full-year revenue reached $25.6 million, nearly 30% higher than the previous financial year, resulting in a positive operating cash flow of $0.5 million.
The financial milestones coincide with significant regulatory changes in Germany, where cannabis was recently legalised through its removal from the Narcotics List from 01 Apr (PD 27 Feb), said CEO Paul Long (pictured).
With $5 million in cash reserves as of 31 Mar, up from $3.7 million at the end of 2023, Long added, "Little Green Pharma is well-positioned for continued growth with a strong focus on patient access and is actively engaged in promoting education and outreach programs, as well as clinical investigations".
The company operates two global production sites - a Danish facility with a capacity of over 30 tonnes of cannabis biomass annually, and a GMP-certified indoor facility in Western Australia that specialises in premium hand-crafted cannabis strains. JG
The above article was sent to subscribers in Pharmacy Daily's issue from 18 Apr 24
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 18 Apr 24
