MONTREAL, October 5, 2018 /PRNewswire/ --
- Little Green Pharma successfully completes second commercial medical cannabis harvest and commences sales to Australian patients.
- LGP's products accepted into major statewide clinical trials for advanced cancer.
- LGP commences negotiations for exports to Germany.
- LGP negotiating to build a 400,000 square foot facility on a 500,000 square foot site.
LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to advise that Australian medical cannabis company Little Green Pharma (LGP) in which LGC has a 14.21% interest, has successfully completed harvest of its second commercial medical cannabis crop from its facility south of Perth in Western Australia.
This quarter, LGP successfully achieved another milestone having produced Australia's first locally grown medicinal cannabis product as well as making its first commercial sales to Australian patients.
LGP has also commenced negotiations with German parties for exporting Australian products. LGP sees potential exports to Germany as being a crucial building block for the business going forward and plans to finalize negotiations within the month, which will be a catalyst for the expansion plan.
Last week, LGP's products were accepted into the NSW state-wide clinical trial for advanced cancer. This is another major tick of approval for LGP products and will enable LGP to directly compare its products' efficacy with a range of other imported products.
LGP is currently in negotiations to build a purpose-built facility in Perth. Preliminary terms have earmarked a 500,000 square foot block enabling the construction of a 400,000 square foot facility. A facility of this size would provide for up to 50,000 kgs of flower per annum. The proposed site will include a GMP manufacturing facility and can be built in a staged approach, with a first stage of 100,000 square feet being planned. Although the primary focus is Australian patients, the export market has been accounted for in this proposed build.
Fleta Solomon, Little Green Pharma's Managing Director commented; "The proposed site will include a GMP manufacturing facility and can be built in a staged approach, with a first stage of 100,000 square feet being planned. Although the primary focus is Australian patients, the export market has been accounted for in this proposed build."
John McMullen, LGC's CEO, commented: "Our partner in Australia has achieved a great deal in a short timeframe in a highly regulated environment. We are particularly pleased that Little Green Pharma has started suppling Australian patients with premium-grade medical cannabis and are now involved in cancer trials."
About Little Green Pharma and the Australian Medical Cannabis Sector
LGP is the first Australian company to locally-grow and produce medicinal cannabis products for sale to Australian patients.
LGP is making high quality and reliable medicinal cannabis products available to Australians. The medicines are cultivated, without pesticides, in a hydroponic facility in Western Australia's southwest region and processed in a manufacturing facility near Perth.
LGP products have been subject to extensive assessment and testing based on the Australian TGA regulation, before being distributed under Australia's tightly controlled medical prescription system.
Under the Australian system, medicinal cannabis products must be prescribed by medical practitioners and sold by registered pharmacists.
Medicinal cannabis is currently being prescribed in Australia for a variety of conditions with the Commonwealth Department of Health developing clinical guidance documents for the treatment of epilepsy, multiple sclerosis, chemotherapy-induced nausea and vomiting, chronic non-cancer pain and palliative care (visit http://www.tga.gov.au/medicinal-cannabis-guidance-documents).
About LGC (http://www.lgc-capital.com)
LGC Capital is a leading investment firm with a focus on the Legal Global Cannabis market. Through its portfolio investment companies, LGC is building a world-leading, vertically integrated system of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets. LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG).
Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and their respective operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and LGP could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (http://www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor LGP has any obligation to update such statements, except to the extent required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Chief Executive Officer, John McMullen, +1-416-803-0698, John@lgc-capital.com; Chief Financial Officer, Anthony Samaha, +44-20-7440 0640, firstname.lastname@example.org; Investor Relations, Dave Burwell, +1-403-221-9015, email@example.com
SOURCE LGC Capital Ltd.