Little Green Pharma's progress

"Investment in the facility and genetics doubled the yield per plant"

Seed Innovations Ltd hailed the performance of 3.1%-owned portfolio company Little Green Pharma, which increased revenue 30% to AU$3.2mln and cash receipts 100% to AU$3mln in the first quarter of 2022.

This was despite Australia-based LGP’s international cannabis flower sales being impacted by the commissioning of its upgraded GMP facility, but management expects sales momentum to resume in line with previous quarters.

Other developments in Australia during the quarter included an 18% new patient growth rate in the launch of two new portals in the country connecting eligible patients with prescribers for direct online delivery.

During the quarter, LGP signed its largest offtake agreement to date with long-standing distribution partner Demecan in Germany, representing an annual revenue opportunity of around AU$9mln (£5.2mln) after ramping up its Danish facility. Investment in the LGP Denmark facility and local genetics program results in the doubling of the yield per plant without increased cultivation costs, LGP said. 

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